SMK Speedy International Inc.

SMK Speedy International Inc.

May 15, 2006 14:24 ET

SMK Speedy International Inc. Announces Repayment of $19 Million of Senior Subordinated Notes

TORONTO, ONTARIO--(CCNMatthews - May 15, 2006) - SMK Speedy International Inc. ("Speedy") today announced the completion of the previously announced transaction for the sale and leaseback of certain of its real estate.

The proceeds from the transaction will be substantially used to provide full payment of the $19 million principal amount owing under the Senior Subordinated Notes together with approximately $1.5 million of deferred interest owing under the Senior Subordinated Notes. The noteholders of Senior Subordinated Notes are expected to receive their principal and interest payments from Computershare Trust Company of Canada within 10 days.

SMK Speedy is a leading automobile service specialist with 81 company operated and 39 franchise stores under contracts with SMK Speedy International Inc. or 984781 Alberta Ltd. a subsidiary of 578098 Alberta Ltd.


Contact Information

  • SMK Speedy International Inc.
    Ms. Mary Jane Allen
    Chief Financial officer
    (416)-960-7896