SOURCE: DirectCash Payments Inc.

DirectCash Payments Inc.

August 17, 2015 17:05 ET

DirectCash Payments Inc. Announces Successful Completion of Credit Facility Amendments to Increase Australian Dollar Sublimit

CALGARY, AB--(Marketwired - August 17, 2015) - - DirectCash Payments Inc. ("DCPayments" or the "Company") (TSX: DCI) today announced that it successfully closed the previously disclosed refinancing and amendments to increase the Australian dollar sublimit on the Company's credit facility. This amendment provides improved cash flow management through better matching of the denomination of cash flows and debt servicing and repayment, in addition to creating a natural hedge between Australian and Canadian currencies.

DCPayments currently has a $115 million five-year revolving credit facility available for general corporate purposes with a syndicate of four Canadian lenders and one Australian lender. This revolving credit facility includes a $20.0 million swing-line facility and an A$16.6 million ($17.25 million) Australian dollar sublimit. Upon completion of the amendments and closing of the refinancing, the Company will now draw additional Australian dollar denominated funds under the revolving credit facility and utilize these funds to repay amounts owing under the Company's term loan and to reduce amounts owing under the Canadian dollar denominated revolving facility.

Management's Commentary
"We are pleased to announce the completion of our credit facility amendments, which provide improved ongoing operational and financial flexibility to our business in the different geographic areas where we operate," said Jeffrey Smith, DCPayments' President and Chief Executive Officer.

About DCPayments
The Company is the largest branded ATM provider in Canada and Australia, and the third largest branded ATM provider in the United Kingdom. DCPayments is one of the leading providers of credit union and other financial institution processing and outsourcing services, branded non-financial institution debit terminals and prepaid card products in Canada. DCPayments also offers ATM services in Mexico and New Zealand.

Additional information about DCPayments is available on SEDAR (www.sedar.com) or DCPayments' website at www.directcash.net.

Contact Information

  • For further information please contact:

    Amanda J. Gallacher
    Vice President, Corporate Strategy & Acquisitions
    Direct Telephone: (403) 387-2158
    e-mail: investorrelations@directcash.net

    or

    Patrick W. Moriarty
    Chief Financial Officer
    Direct Telephone: (905) 461-2285
    e-mail: pmoriarty@directcash.net