Intercable Africa Ltd. obtains an additional bridge facility of 400,000 Euros
July 16 2010 - 4:49PM
PR Newswire (Canada)
MONTREAL, July 16 /CNW/ -- Stock Symbol: ICH MONTREAL, July 16 /CNW
Telbec/ - Intercable ICH Inc. ("Intercable"), a Canadian
telecommunications company that seeks broadband telecommunications
opportunities in the international market, announced today that
Intercable Africa Ltd. ("ICA"), its subsidiary, obtained an
additional bridge facility (the "Second Absa Bridge Facility") with
Absa Capital (a division of Absa Bank Limited, a shareholder and
insider of ICA), as lender, of four hundred thousand Euros
(approximately $520,000). The Second Absa Bridge Facility is
repayable on August 31st, 2010 (July 31st, 2010 if certain
conditions are not met), bears interest at a rate equal to the
one-month LIBOR plus 7%, is subject to a facility fee of 500 basis
points and has the same terms and conditions as the existing 2
million Euros Bridge Facility (approximately $2.6 million) with The
Mauritius Commercial Bank Ltd (a bank affiliated to MCB Equity
Fund, a shareholder and insider of Intercable) (the "MCB Bridge
Facility") and the existing 750,000 Euros Bridge Facility
(approximately $980,000) with Absa Capital (the "First Absa Bridge
Facility"). Disbursement under the Second Absa Bridge Facility is
expected the week on July 19th, 2010 upon delivery of all related
corporate documentation. In conjunction with the Second Absa Bridge
Facility, ICA obtained an extension of the expiry dates of the MCB
Bridge Facility, of the First Absa Bridge Facility and of the
interest due under the Long-Term Loan Facility from July 31, 2010
to the repayment date under the Second Absa Bridge Facility. The
Second ABSA Bridge Facility should enable ICA and Intercable to
pursue their operations until July 31th, 2010 and discussions with
investor groups in the context of a long or medium-term financing.
Planned Financing The ABSA Bridge Facility has been made in the
context of a planned long or medium-term financing round.
Discussions with potential institutional investors are ongoing.
There is no guarantee that Intercable or ICA will be able to
complete an equity offering or another type of financing that would
allow them to continue their operations after July 31, 2010. Delay
in the Release of Intercable's Unaudited Interim Financial
Statements as at March 31, 2010 Intercable also announced today a
further delay in the release of its unaudited interim financial
statements, management discussion and analysis ("MD&A") and CEO
and CFO certifications for the interim period ended March 31, 2010.
About Intercable Intercable is a Canadian telecommunications
corporation that seeks broadband telecommunications opportunities
in the international market. Intercable's business strategy is to
focus on underserved telecommunications and cable markets by
building and operating its own broadband networks using
state-of-the-art technology capable of offering cable television,
high-speed Internet and telephony services, at a low cost and with
high service quality. Intercable targets markets with i) limited or
no cable service; ii) feasibility of aerial cable construction; and
iii) stable political environments. Management believes that
Reunion Island currently represents the most significant growth
opportunity for Intercable. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release. This press release
contains forward-looking statements that are subject to known and
unknown risks and uncertainties that could cause actual results to
vary materially from targeted results. Such risks and uncertainties
include those described in Intercable's annual information form
dated July 8, 2008 or in the filings made by Intercable from time
to time with securities regulators. Intercable undertakes no
obligation to publicly release the result of any revision of these
forward-looking statements to reflect events or circumstances after
the date they are made or to reflect the occurrence of
unanticipated event. please visit the company's website at
www.intercable.ca or contact: Guy Laflamme, President and Chief
Executive Officer, (450) 799-5364, guylaflamme@intercable.ca; Zoya
Shchupak, Chief Financial Officer, 514-461-3013,
zoyashchupak@intercable.ca
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