GMP Capital Inc. (GMP) (TSX: GMP) today announced that Richardson GMP Limited (Richardson GMP) has entered into a four-year $80 million credit facility agreement with a syndicate of chartered banks. Richardson GMP intends to use the initial proceeds from this facility to refinance its existing long-term indebtedness. The remainder of the proceeds will be used to redeem a substantial portion of its Class B Preference Shares, at par, for an aggregate cash redemption amount of $45 million (the Redemption), including all declared and unpaid dividends, and to repay fully its $5 million subordinated loan facility made available by GMP. The Redemption will be allocated equally between GMP and James Richardson & Sons, Limited. It is anticipated that GMP will receive approximately $28 million in cash.
TORONTO, ON. (October 4, 2017) – GMP Capital Inc. (GMP) (TSX: GMP) will release its third quarter 2017 financial results on Friday, November 3, 2017. Third quarter results are expected to be released at approximately 6:00 a.m. (EST).