OAKVILLE, ON, Oct. 1, 2018 /CNW/ - Spark Power Group
Inc. (TSX: SPG, SPG.WT), parent company to Spark Power Corp.
("Spark Power" or the "Company"), a leading independent electrical
power services and solutions company, today announced the details
of its $90 million secured debt
facilities with the Bank of Montreal. The funding package includes a
$44.0 million Committed Term Debt
Facility, a $25.0 million Acquisition
Facility, a $20.0 million Revolving
Line of Credit Facility and a Credit Card Facility, (together, the
"Facilities"). The Facilities replaced and consolidated the
Company's previous credit facilities under a single lender.
The Term Debt Facility was used to repay all of Spark Power's
existing long-term debt and a significant portion of its promissory
notes that arose through previous business acquisitions. The
Acquisition Facility is available to fund future acquisitions and
the Revolving Line of Credit Facility will support the working
capital needs of Spark Power, including growth working capital as
the Company scales organically. The Acquisition Facility is undrawn
and there is significant capacity on the Revolving Line of Credit
to meet the growing working capital needs of the business.
"We have secured an enhanced funding solution that consolidates
our debt under a single lender, at more favourable rates than our
previous arrangement offered," said Jason
Sparaga, co-founder and co-CEO, Spark Power Corp.
"These new facilities will offer us improved financial
flexibility as we execute on our dual-pronged growth strategy,
particularly as we target complementary tuck-in acquisitions and
work to drive organic growth."
About Spark Power Corp.
Spark Power is a leading
independent electrical power services and solutions company serving
more than 6,500 industrial, commercial, institutional, renewable
and agricultural customers, as well as utility markets including
municipalities, universities, schools and hospitals across
North America. For more
information, visit us at www.sparkpower.ca.
Caution Regarding Forward-Looking Statements
This
news release may contain forward-looking statements (within the
meaning of applicable securities laws) which reflect Spark Power's
current expectations regarding future events. Forward-looking
statements are identified by words such as "believe", "anticipate",
"project", "expect", "intend", "plan", "will", "may", "estimate"
and other similar expressions. These statements are based on Spark
Power's expectations, estimates, forecasts and projections and
include, and include, without limitation, statements regarding the
future success of the Company's business and potential expansion of
the business and include, without limitation, statements regarding
the growth of Spark Power's business and execution of its business
strategy by Messrs. Sparaga and Clark.
The forward-looking statements in this news release are not
guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. A number of
factors could cause actual results to differ materially from the
results discussed in the forward-looking statements. Readers,
therefore, should not place undue reliance on any such
forward-looking statements. Further, these forward-looking
statements are made as of the date of this news release and, except
as expressly required by applicable law, Spark Power assumes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
SOURCE Spark Power Corp.