DCM Repays Balance of $30 million Term Loan from Sale of its Fergus, Ontario Facility for Gross Proceeds of $6.75 Million
Net proceeds realized on the sale of the property were $6.5 million, and, together with funds from working capital, have been applied towards repayment of the $6.9 million remaining balance outstanding on the Company’s $30 million term loan with a Canadian chartered bank.
- Net proceeds realized on the sale of the property were $6.5 million, and, together with funds from working capital, have been applied towards repayment of the $6.9 million remaining balance outstanding on the Company’s $30 million term loan with a Canadian chartered bank.
- DCM entered into the term loan in connection with the acquisition of Moore Canada Corporation in April 2023.
- The loan was previously reduced by the net proceeds realized from the sale and leaseback of the Company’s Oshawa warehouse facility.
- DCM also announced that the planned sale and leaseback of its Trenton, Ontario facility is expected to close early in the first quarter of 2024, generating net proceeds of approximately $8.7 million.