WINNIPEG, MB, Jan. 8, 2021 /CNW/ – Lakeview Hotel Investment Corp. (“LHIC“) announces that it has amended its amended and restated credit agreement dated January 31, 2018 as amended by a first amending agreement on December 18, 2018, a second amending agreement on June 19, 2019, a third amending agreement on December 31, 2019, a fourth amending agreement dated January 13, 2020, a fifth amending agreement dated May 31, 2020 and a sixth amending agreement dated December 31, 2020 (the “ARCA“) with a syndicate of lenders led by Alberta Treasury Branches and including Business Development Bank of Canada (BDC) and Roynat Capital pursuant to a Seventh Amending Agreement to the ARCA dated effective January 8, 2021. The ARCA consolidated certain amendments to the credit agreement dated August 25, 2014, among other things.
Pursuant to the Seventh Amending Agreement to the ARCA, the lenders and LHIC have agreed, among other things:
- To extend the maturity date under the ARCA from January 8, 2021 to July 31, 2021.
- To require that LHIC sell its Fort Saskatchewan Hotel by February 15, 2021, subject to certain conditions which may have the effect of extending such closing indefinitely.
- To require LHIC to engage a third party to start a call for offers process with respect to all of LHIC’s issued equity securities.
Lakeview Hotel Investment Corp is listed on the TSX Venture Exchange under the symbol “LHR”. Lakeview Hotel Investment Corp receives income from ownership, management and licensing of hotel properties.
The TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Lakeview Hotel Investment CorpView original content:http://www.newswire.ca/en/releases/archive/January2021/08/c1889.html