LE CHÂTEAU PROVIDES UPDATE ON EXTENSION OF CREDIT FACILITIES
01 Abril 2020 - 4:10PM
Le Château Inc. (the “Company”) (TSX VENTURE: CTU) today announced
that it has extended its $70 million asset-based senior credit
facility and its $15 million asset-based subordinated term
loan until December 31, 2020. The interest rates, constraints
and covenants under the asset-based senior credit facility and the
term loan remain the same. The availability of loans under
each credit agreement is subject to the constraints of the
Company’s borrowing base and to the satisfaction of certain
conditions.
Please refer to the Company’s Management,
Discussion & Analysis for the nine-month period ended October
26, 2019 filed on SEDAR at www.sedar.com for a description of
the interest rates, constraints and covenants under the asset-based
senior credit facility and the term loan.
Profile
Le Château is a Canadian specialty retailer and
manufacturer of exclusively designed apparel, footwear and
accessories for contemporary and style-conscious women and men,
with an extensive network of 128 prime locations across Canada and
an e-com platform servicing Canada and the U.S. Le Château,
committed to research, design and product development, manufactures
approximately 30% of the Company’s apparel in its own Canadian
production facilities.
Forward-Looking
Statements
This news release may include
forward-looking statements relating to the Company and/or the
environment in which it operates. These forward-looking statements
are based on, among other things, the Company’s current
expectations. These statements are not guarantees of future
performance and involve risks and uncertainties that are difficult
to predict and/or are beyond the Company’s control. A number of
factors may cause actual outcomes and results to differ materially
from those expressed. These factors include the magnitude and
length of economic disruption resulting from the worldwide COVID-19
outbreak; liquidity risks; the ability of the Company to continue
as a going concern; the ability of the Company to successfully
implement its business initiatives and whether such business
initiatives will yield the expected benefits; changes in consumer
spending; general economic conditions and normal business
uncertainty; seasonality and weather patterns; changes in the
Company’s relationship with its suppliers; fluctuations in foreign
currency exchange rates; interest rate fluctuations and changes in
laws, rules and regulations applicable to the Company; and the risk
factors set forth in other public filings of the Company, including
the annual Management’s, Discussion & Analysis of the Company
dated May 27, 2019 and note 2 of the unaudited interim condensed
consolidated financial statements of the Company for the
nine-month period ended October 26, 2019. The foregoing list of
risk factors is not exhaustive and other factors could also
adversely affect our results. Therefore, readers should not place
undue reliance on these forward-looking statements. In addition,
these forward-looking statements speak only as of the date made and
the Company disavows any intention or obligation to update or
revise any such statements as a result of any event, circumstance
or otherwise except to the extent required under applicable
securities law.
For further
information
Emilia Di Raddo, CPA, CA, President (514)
738-7000Johnny Del Ciancio, CPA, CA, Vice-President, Finance, (514)
738-7000MaisonBrison: Pierre Boucher, (514)
731-0000Source: Le Château Inc.
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