29 July 2009
Transcontinental gets some big loans
MONTREAL—Transcontinental Inc. announced yesterday that it has just signed two financing deals worth $135 million could. The company arranged a $50 million loan with the Société générale de financement du Québec and six-year financing deal with HypoVereinsbank, a major European bank, worth $85 million, which will be used to buy production equipment over the next two years.
The company has also received another $25 million in the one-year credit facilities recently arranged with its bank syndicate, on top of the $125 million previously announced.

"We are very pleased that these institutions have such confidence in us," stated Benoît Huard, vice president and chief financial officer of Transcontinental. "These new credit facilities give Transcontinental greater flexibility and diversify its sources of financing. They show, once again, that our disciplined approach to financial management and development strategy for our Print, Media and Marketing Communications sectors are recognized by the financial community."

In a recent banking survey, Graphic Monthly magazine found that for 63% of respondents, obtaining financing has become significantly (24.8%), moderately (16.1%), or somewhat (22.1%) harder in the last six months.

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Bob says:
Good, I feel no sadness for them....
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