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Ionik Closes US$100 Million in Credit Facilities, Completes Debt Reorganization

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Ionik (INIK.V) has closed new credit facilities amounting to US$100 million and has completed its debt reorganization.

Completion of the debt reorganization was a condition to close the new facilities, the marketing and advertising solutions company said Tuesday.

The facilities consist of an US$80 million senior term facility, a US$10 million revolving credit facility and a US$10 million subordinated facility with ATB Financial.

Initial advances under the facilities were used to refinance an existing syndicated credit facility, fund cash settlements as part of the debt reorganization, pay transaction-related fees, working capital and general corporate purposes.

Meanwhile, the debt reorganization addressed about US$83.9 million of acquisition-related debt.

This consists of US$25.8 million of cash repayments, US$32.2 million of debt converted into common shares of the company, and amendments and maturity extensions relating to US$25.8 million of remaining debt.

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