CALGARY, Alberta, March 12, 2019 (GLOBE NEWSWIRE) -- Founders Advantage Capital Corp. (TSX-V: FCF) (the “Corporation”) reports that it has suspended its quarterly dividend of $0.0125 per share to provide the Corporation with more flexibility to pay down debt and allow certain investees to retain more cash to take advantage of growth opportunities. The Corporation also reports that it has entered into an amending agreement (the “Amending Agreement”) with Sagard Holdings Manager, LP (“Sagard”) to amend its USD $42 million credit facility (the “Sagard Facility”). The Amending Agreement provides the Corporation with the ability to repay debt at par with all excess free cash-flow. For greater certainty, this will enable the Corporation to repay the Sagard Facility from available free cash flow without having to pay any make-whole amounts which are currently required under the Sagard Facility.
Founders Advantage Suspends Dividend and Amends Credit Facility to Permit Debt Repayment; Maintains Focus on Growing Four Assets
Mar 12, 2019
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