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Letter to the Editor
Tuesday February 21
Boyd Group Finalizes New Partner Agreement
The Boyd Group Income Fund has now finalized and closed its new arrangements with trading partners that include a long term exclusive agreement to purchase paint products and a new US $13 million credit facility with a U.S. Bank. These arrangements in combination have provided Boyd Group with funding to satisfy all pre-existing trading partner obligations and refinance a portion of existing debt upon favourable terms.Concurrent with these new arrangements the Fund's senior lender has increased the Fund's operating line from $10 million to $12 million.
"These arrangements represent a meaningful accomplishment towards our stated goal of improving our financial flexibility," said Terry Smith, President and CEO of the Boyd Group.
The Boyd Group Inc. is the largest operator of collision repair facilities in Canada and among the largest in North America. The company operates locations in the four western Canadian provinces principally under the trade names Boyd Autobody & Glass and Service Collision Repair, as well as in six U.S. states principally under the trade name Gerber Collision & Glass. The company also operates Gerber National Glass Services, an auto glass repair and replacement referral business with affiliated service providers throughout the United States.
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