Press Releases

  • Thursday, November 4, 2010
    GENIVAR EXPANDS CREDIT CAPACITY TO C$225 MILLION UNDER NEW FACILITIES

    MONTREAL, Nov. 4 - GENIVAR Income Fund ("GENIVAR") announced today that it has entered into new syndicated credit facilities, expanding the limit to its revolving credit facility from $80 million at the end of the second quarter to $225 million and extending the maturity date to 2013. The agreement also includes a provision to increase the new facilities from $225 million to $275 million subject to certain conditions.

    The credit facilities are being made available with a consortium of financial institutions which includes Bank of Montreal as Administrative Agent, Canadian Imperial Bank of Commerce as Documentation Agent and Banque Nationale as Syndication Agent. GENIVAR intends to use the funds available under these facilities for future acquisitions, working capital and general corporate purposes.

    "We are pleased to align ourselves with leading financial institutions to strengthen GENIVAR's financial capacity and flexibility." said Alexandre L'Heureux, GENIVAR's Chief Financial Officer. With our soon to be made conversion from an income trust structure to a corporate structure, coupled with our strong balance sheet, we are confident that there will be additional opportunities for GENIVAR to execute on its long term strategic plan to consolidate its top tier Canadian platform and to pursue its global diversification objectives."

    About GENIVAR
    GENIVAR is a leading Canadian engineering services firm providing private and public-sector clients with a complete range of professional consulting services throughout all project phases, including planning, design, construction and maintenance. Ranging in size and scope, GENIVAR's clients primarily operate in the building, industrial and energy, municipal infrastructure, transportation and environmental sectors. GENIVAR is one of Canada's largest engineering services firms by number of employees, with more than 4,500 managers, professionals, technicians, technologists and support staff in more than 85 offices in Canada and internationally.
    www.genivar.com

    Alexandre L'Heureux
    Chief Financial Officer (CFO)
    GENIVAR Income Fund
    Tel.: 514-340-0046, ext. 5310