VOXCOM CONCLUDES NEW FINANCIAL ARRANGEMENT WITH CLAIRVEST
EDMONTON, ALBERTA, Canada
VOXCOM Inc., a provider of home and business security systems in Canada, has concluded its new financing arrangements with Clairvest Group Inc., a major stakeholder, as previously announced on March 2.
With this new arrangement, VOXCOM has solidified its credit facilities with its commercial lending syndicate, led by The TD Commercial Bank, and its mezzanine lender, SCC Canada Inc. Financing arrangements were concluded on April 11 and are effective as of March 1.
“We have now concluded a financial arrangement that will allow us to remain focused on implementing our strategy as we concentrate on our core operations,” says Brad Sparrow, president and CEO of VOXCOM.
The company also concluded amendments to its mezzanine credit facility, which now matures in July 2002. The warrants previously issued to the mezzanine lenders were amended to reduce the strike price from $7.50 to $3.95.
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