TORONTO, May 10, 2019 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (the “Corporation” or “Dundee”) today announced that Parq Holdings Limited Partnership (“Parq Holdings”) has successfully completed the refinancing of its capital structure. This transaction includes the refinancing of the first-lien and second-lien loans with a fixed rate, long-term financing structure, thereby significantly reducing the interest payments and covenant requirements.
Parq Vancouver is an integrated complex which is now fully operational and no longer encumbered with the onerous construction financing typically in place during the development phase.
“The refinancing of its capital structure provides Parq Vancouver with the financial stability and flexibility needed to continue delivering world-class service to its customers,” said Jonathan Goodman, Chairman and CEO, Dundee Corporation.
In conjunction with the refinancing, Dundee and PBC Group welcome a new equity partner which has acquired a stake in Parq Holdings. The new partner is a domestic Canadian company with hospitality holdings in several markets and which will assist in Parq Vancouver’s ramp up and optimization.
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these key areas, as well as other select investments in both publicly listed and private enterprises.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking information with respect to future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The reader is referred to the documents which the company files from time to time with applicable securities and regulatory authorities.
FOR FURTHER INFORMATION PLEASE CONTACT:
John Vincic
Investor and Media Relations
Dundee Corporation
(647) 402-6375