Walton Westphalia Development Corporation Renegotiates Debt Maturity Date
View Full Release, 2020/01/07
CALGARY, Alberta - Walton Westphalia Development Corporation (the “Corporation”) announces that it has successfully negotiated an extension to the terms of the non-revolving, US$27,000,000 senior loan agreement (the “New Senior Loan”), originally entered into on November 30, 2018, between the third party lender (the “Senior Lender”),and Walton Westphalia Development Corporation (USA) LLC, the Corporation’s wholly owned subsidiary, and Walton Westphalia Europe LP as borrowers (the “Borrowers”).
The extension to the New Senior Loan was sought by the Borrowers to facilitate the timing of the proposed closing of the bulk sale of land in Phase 1A of the Westphalia property project (the “Phase 1A Sale”), which is proposed to close on January 27, 2020.
The Senior Lender agreed to extend the maturity date of the New Senior Loan from November 30, 2019 to March 31, 2020. Upon acceptance of the extension, the Borrowers agreed to pay an extension fee of US$70,000 to the Senior Lender. The Borrowers also agreed to pay the Senior Lender an agreed upon amount from the proceeds from the Phase 1A Sale, toward the amount drawn on the New Senior Loan, by no later than January 31, 2020.
The Corporation is managed by Walton Global Investments Ltd. and the development of the project is managed by Walton Development & Management (USA), Inc., both of which are members of the Walton Group of Companies.
The Walton Group of Companies are privately owned, leading global real estate investment, land asset management and administration companies that have focused on strategically located land in major growth corridors for over 40 years. The company manages and administers US$3.8 billion of real estate assets in North America, on behalf of its investors and business partners. Walton has more than 106,000 acres of land under ownership, management and administration in the United States and Canada. Key entities in the Walton Group of Companies include Walton Global Investments, Walton Global Holdings, Walton International Group and Walton Development and Management.