EDMONTON, July 29, 2019 /CNW/ - AutoCanada Inc.
("AutoCanada" or the "Company") (TSX: ACQ), a multi-location
North American automobile dealership group, announced today that
its lenders under the Company's syndicated credit facility have
agreed to extend the previously granted increase to the Company's
maximum permitted Total Funded Debt to EBITDA ratio from 4.00:1.00
to 4.50:1.00 for the period from July 1,
2019 to March 31, 2020.
After March 31, 2020, the Company's maximum permitted Total
Funded Debt to EBITDA Ratio will be 4.00:1.00.
About AutoCanada
AutoCanada, a leading North American multi-location automobile
dealership group currently operating 65 franchised dealerships,
comprised of 27 brands, in eight provinces in Canada as well as a group in Illinois, USA and has over 4,200 employees.
AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa
Romeo, Chevrolet, GMC, Buick,
Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Audi,
Volkswagen, Kia, Mazda, Mercedes-Benz, Smart, BMW, MINI, Volvo,
Toyota, Lincoln and Honda branded
vehicles. In 2018, our dealerships sold approximately 66,000
vehicles and processed approximately 915,000 service and collision
repair orders in our 1,157 service bays generating revenue in
excess of C$3 billion.
Forward Looking Statements
Certain statements contained in this press release are
forward‑looking statements and information (collectively
"forward‑looking statements"), within the meaning of the applicable
Canadian securities legislation. We hereby provide cautionary
statements identifying important factors that could cause our
actual results to differ materially from those projected in these
forward‑looking statements. Any statements that express, or involve
discussions as to, expectations, beliefs, plans, objectives,
assumptions or future events or performance (often, but not always,
through the use of words or phrases such as "will likely result",
"are expected to", "will continue", "is anticipated",
"projection", "vision", "goals", "objective", "target",
"schedules", "outlook", "anticipate", "expect", "estimate",
"could", "should", "plan", "seek", "may", "intend", "likely",
"will", "believe" and similar expressions) are not historical facts
and are forward‑looking. Forward-looking statements involve
estimates and assumptions and are subject to risks, uncertainties
and other factors some of which are beyond our control and
difficult to predict. Accordingly, actual results or outcomes
may differ materially from those expressed in the forward‑looking
statements. Therefore, any such forward‑looking statements are
qualified in their entirety by reference to the factors discussed
throughout this press release. The Company's Annual
Information Form and other documents filed with securities
regulatory authorities (accessible through the SEDAR website at
www.sedar.com) describe the risks, material assumptions and other
factors that could influence actual results and which are
incorporated herein by reference.
Further, any forward‑looking statement speaks only as of the
date on which such statement is made, and, except as required by
applicable law, we undertake no obligation to update any
forward‑looking statement to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to
time, and it is not possible for management to predict all of such
factors and to assess in advance the impact of each such factor on
our business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward‑looking statement.
Additional information
Additional information about AutoCanada Inc. is available at
www.sedar.com and the Company's website at www.autocan.ca.
SOURCE AutoCanada Inc.