OTTAWA, Oct. 30, 2018 /CNW/ – The Ottawa Senators (the “Senators”) entered into a $30 million five-year revolving credit facility (the “revolving credit facility”) with BMO Bank of Montreal’s Corporate Finance Division, on October 19, 2018.
The revolving credit facility provides short-term credit to the Senators as well as credit lines to enter into hedges of its US Dollar exposures. This completes a refinancing that the Senators initiated in June 2018 with the establishment of a $135 million six-year term credit facility with a syndicate of American and Canadian financial institutions.
NHL franchises, including the Senators, have solid valuations. These two financings both illustrate the Senators’ successful efforts to strengthen their business and significantly improve the Senators’ cost of financing and flexibility.
Eugene Melnyk, Owner and Governor of the Senators added, “We’re delighted with this deal. Attracting an organization as reputable as the BMO Bank of Montreal is a strong signal to our community and our partners that we are on solid footing and are building in Ottawa for the long haul.”
“We are proud to be working with the Senators and we look forward to a long and productive relationship for both of our institutions in the Ottawa community,” said Vittorio Pellegrino, Senior Vice President for Eastern Ontario, BMO Bank of Montreal.
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SOURCE Ottawa Senators Hockey Club