Arctic Glacier Income Fund

Arctic Glacier Income Fund

September 01, 2011 18:31 ET

Arctic Glacier Obtains Waiver Extension from Lenders

WINNIPEG, MANITOBA--(Marketwire - Sept. 1, 2011) - Arctic Glacier Income Fund (TSX:AG.UN) (the "Fund") announced today that the Fund's secured lenders have extended the period during which they have waived compliance with certain financial covenants under its credit facilities up to and including September 9, 2011.

The Fund was in breach of financial covenants governing maximum leverage ratio, interest coverage ratio, fixed charge coverage ratio and minimum EBITDA levels under its credit facilities as at June 30, 2011. Subsequent to the end of the quarter, on July 29, 2011, the Fund's secured lenders waived compliance with those covenants for the quarter ended June 30, 2011 until September 1, 2011.

Arctic Glacier is continuing active discussions with its lenders to amend certain terms of the credit agreements for future quarters, although there can be no assurance that such amendments will be approved.

About Arctic Glacier

Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., is a leading producer, marketer and distributor of high-quality packaged ice in North America, primarily under the brand name of Arctic Glacier® Premium Ice. Arctic Glacier operates 39 production plants and 48 distribution facilities across Canada and the northeast, central and western United States servicing more than 75,000 retail locations.

Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. There are currently 350.3 million trust units outstanding.

Forward-Looking Information

This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, and there is no assurance that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as at the date of this news release, and the Fund assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances.

The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.

Contact Information

  • Arctic Glacier Income Fund
    Keith McMahon
    President & CEO
    Toll free investor relations phone: 1-888-573-9237

    Arctic Glacier Income Fund
    Doug Bailey
    Chief Financial Officer
    Toll free investor relations phone: 1-888-573-9237