TORONTO, ONTARIO--(Marketwire - Aug. 9, 2011) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) and its private corporate debt group, Integrated Private Debt Corp. ("IPD"), announce the closing on August 3, 2011 of a $10 million senior loan to Major Drilling Group International Inc. ("Major Drilling") (TSX:MDI).
The capital raised by Major Drilling will be used for general corporate purposes.
Major Drilling, with its head office in Moncton, NB, is one of the world's largest drilling service companies, primarily serving the mining industry. Major Drilling maintains field offices in Canada, the United States, South and Central America, Australia, Asia and Africa providing all types of drilling services including surface and underground coring, directional, reverse circulation, RAB, geotechnical, environmental, water-well, and coal-bed methane and shallow gas.
Philip Robson, President of IPD said "We are delighted to have this opportunity to provide Major Drilling with long term fixed rate capital at a time when interest rates are near record lows. Major Drilling is a very well managed company with an excellent track record of generating positive cash flows in all business cycles, and we are pleased to add this fine company to our portfolio".
IPD manages and provides funding from the $1.1 billion Integrated Private Debt Fund LPs on behalf of a number of pension funds and other institutional investors. IPD offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing and management buyouts.
IAM is one of Canada's leading alternative asset management companies, with approximately $2.3 billion in assets and committed capital under management in private corporate debt, real estate, managed futures, global bonds, private equity and retail alternative investments.