Benzinga | Feb 16, 2021 04:35PM EST

BRP Announces the Refinancing of its Term Facility Reducing Both The Size And Average Interest rate Of Its Term Facility

BRP (TSX:DOO) (NASDAQ:DOOO) announced today that it successfully refinanced a portion of its term loan facility by upsizing its Term Loan B-1 and repaying its Term Loan B-2, effectively reducing both the size and average interest rate of its term facility.

"Less than 10 months after raising our Term Loan B-2 to strengthen our liquidity position amidst uncertainty, we are pleased to have been able to repay that facility using a combination of cash from the balance sheet and an increase in our Term Loan B-1 facility, which carries terms that are much more favourable. Our ability to complete this transaction reflects the strong momentum we have experienced for the first three quarters of our fiscal year and the solid outlook we have for our business," said S?bastien Martel, BRP's chief financial officer. "With our strengthened balance sheet, reduced interest expense, and improved credit rating, we are well positioned to continue creating value for our shareholders through sustained investments in our long-term growth and strategic capital deployment".