Genesis Land Development Corp. Announces New $105 Million Secured Revolving Credit Facility

Executive Summary

• Genesis Land Development Corp. entered into a $105 million secured revolving credit facility with a syndicate of Canadian banks, providing liquidity for general corporate purposes including land purchases and development activities.
• The facility has an initial three‑year term with optional one‑year extensions subject to lender approval and is secured by specified land holdings and related assets.
• Borrowings may be made at Prime + 0.75% or CORSIA + margin, and the facility also includes letters of credit.

Key Details

• Facility Size: $105 million revolving credit line.
• Term: Initial three‑year term; consecutive one‑year extensions possible upon lender consent.
• Security: Secured by Genesis’s land holdings and development assets.
• Purpose: General corporate purposes, notably purchases of land, serviced lots, and land‑servicing activities.
• Pricing: Borrowings at either the prime rate + 0.75% or Canadian Overnight Repo Rate Average (CORSIA) plus an applicable margin.
• Structure: Includes both revolving loan commitments and letters of credit.
• Covenants: Subject to customary financial and non‑financial covenants, lender approvals for extensions, and standard conditions precedent.

Notable Quotes

“This new Credit Facility enhances our financial flexibility and supports our long‑term growth strategy,” said Rob Sekhon, Chief Financial Officer of Genesis.

All boilerplate, forward‑looking statements, and contact information have been omitted for brevity.