Tuckamore Capital Management Inc.
TSX : TX
TSX : TX.DB.B
TSX : TX.DB.C

Tuckamore Capital Management Inc.

March 12, 2012 08:00 ET

Tuckamore Announces Successful Assignment of Senior Credit Facility to Bank of Montreal

TORONTO, ONTARIO--(Marketwire - March 12, 2012) -

NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Tuckamore Capital Management Inc. ("Tuckamore") (TSX:TX)(TSX:TX.DB.B)(TSX:TX.DB.C) is pleased to announce the successful completion of an assignment (the "Assignment") to Bank of Montreal ("BMO") of Newport Finance Corp.'s ("NFC") senior secured credit facility (the "Senior Credit Facility") from Marret Asset Management Inc., on behalf of various funds under its management (the "Marret Lenders").

In connection with the Assignment, BMO received an assignment of all of the rights and obligations of the Marret Lenders under the Senior Credit Facility. BMO also entered into a third amended and restated credit agreement with NFC and certain of its affiliates, providing improved borrowing terms to the Tuckamore group of companies (the "Amended Senior Credit Facility") and appointing BMO as agent.

Advances outstanding under the term loan facilities provided under the Senior Credit Facility, totalling approximately $95 million, will continue to be outstanding under the Amended Senior Credit Facility and a portion of such facilities will continue as a revolving facility. The Amended Senior Credit Facility provides, amongst other things, standard financial covenants and market interest rates for a facility of this size and type. It has a term of three years and repayments of the Amended Senior Credit Facility prior to maturity will be from proceeds of assets sales, and from excess cash flow from operations.

About Tuckamore

Tuckamore (formerly Newport Inc.) is a publicly-traded company which invests in successful Canadian private businesses. Tuckamore has $352 million invested in 8 businesses representing a diverse cross-section of the Canadian economy.

Contact Information

  • Tuckamore Capital Management Inc.
    Keith Halbert
    Chief Financial Officer
    416-775 3796
    keith@tuckamore.ca