Parq Vancouver has completed the refinancing of its capital structure.
Canada.- After financial pressure and missed debt payments, Parq Vancouver has successfully completed the refinancing of its capital structure. The transaction comes after S&P Global Ratings downgraded the company to selective default from CCC after a 30-day grace period expired.
The company commented that the transaction includes the refinancing of the first-lien and second-lien loans. The refinancing happened with a fixed rate, long-term financing structure. Thereby, it “significantly reduced the interest payments and covenant requirements,” Parq Vancouver said.
Joe Brunini, President and CEO of Parq Vancouver, said that they’re content with the execution and completion of the refinancing. He added that they are looking forward to building on the success of the company. Brunini is confident that they will continue to provide “world-class service to our customers.”
The refinancing comes after the company missed an interest payment on a second-lien loan earlier this month. A filing by Dundee Corp, the company’s co-owner, explained that they had already been looking to refinance their debt. In an April 30 release, they advanced they were looking to bring in a partner to do so.