Altus Group Amends and Increases Credit Facility to $275 Million
TORONTO (March 24, 2020) – Altus Group Limited (“Altus Group”) (TSX: AIF), a leading provider of software, data solutions and independent advisory services to the global commercial real estate (“CRE”) industry, announced today that it has amended and expanded its revolving bank credit facility (the “Facility”) to further strengthen the Company’s financial position in support of its growth strategy. The amended Facility increases Altus Group’s borrowing capacity to C$275 million (from C$200 million), extends the term by three years (with an additional two year extension option), and includes other improvements including lowered bank margins and greater flexibility in borrowing terms. Of note, the new Facility will be unsecured, allowing the Company to respond and adapt to the rapidly changing market environment with greater speed and efficiency.
“The enhanced credit facility strengthens our financial flexibility to continue investing in the global growth opportunities available to Altus Group,” commented Angelo Bartolini, Chief Financial Officer of Altus Group. “We are very pleased to have strong, long-standing banking partners, demonstrating the continued confidence our lenders have in our ability to execute on our business strategy.”
The Facility is effective March 24, 2020, subject to the satisfaction of customary closing conditions. Bank of Montreal is the Lead Arranger, Administrative Agent and Bookrunner, The Toronto-Dominion Bank is Syndication Agent, and HSBC Bank of Canada and National Bank of Canada are Co-Lead Arrangers and Co-Bookrunners.
About Altus Group Limited
Altus Group Limited is a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry. Our businesses, Altus Analytics and Altus Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,500 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include many of the world’s largest real estate industry participants. Altus Group pays a quarterly dividend of $0.15 per share and our shares are traded on the TSX under the symbol AIF.
For more information on Altus Group, please visit: www.altusgroup.com.
Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes information that relates to, among other things, objectives, strategies and intentions, and future financial and operating performance and prospects. Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “plan”, “would”, “could” and other similar terminology. All of the forward-looking information in this press release is qualified by this cautionary statement. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Altus Group at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. Please consult Altus Group’s most recent regulatory filings on SEDAR for more information on the Company’s forward-looking statements.
Camilla BartosiewiczBartosiewiczVice President, Investor Relations
Last updated on March 24th, 2020 at 05:16 pm