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