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Greenscape Announces Improved Debt Financing via Wells Fargo Bank
Greenscape Announces Improved Debt Financing via Wells Fargo Bank
Published 07-28-10
Submitted by Greenscape Capital Group Inc.
(Marketwire) - Greenscape Capital Group Inc. ("Greenscape") (TSX VENTURE: GRN) is very pleased to announce that Wells Fargo Bank ("Wells Fargo") has provided Green Park Denver LLC ("GP") with a commitment to fund the debt component of the construction of Green Park's 4,200 stall green parking facility servicing the Denver International Airport.
This US $8,500,000 in construction debt funding replaces the previously announced debt funding commitment for the project (see Greenscape News Release April 7, 2010).
The Wells Fargo loan is a traditional construction loan with a three year (36 month) term.
The Wells Fargo loan shall bear interest from the date of drawing at a rate of 4.00% above the variable 30-day LIBOR Market Index Rate. GP will be required to hedge the construction loan's floating interest expense with an interest rate swap for the full amount and term of the loan.
Based on current market swap rates, as an example, all-in fixed interest costs would be approximately 5.75%.
About Wells Fargo & Company
Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets (as of March 31, 2010), providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores, 12,000 ATMs and the Internet (wellsfargo.com and wachovia.com) across North America and internationally.
About ProPark
Propark America is one of the nation's leading parking companies, providing sustainable parking management and parking-related real estate services across the country. Founded in 1984, Propark has successfully merged green, environmental ideals into daily operations, while preserving the company's entrepreneurial spirit and unique culture of creative innovation. Propark's corporate ethos and growing portfolio of diverse properties are transforming the parking industry's approach to sustainable design, development and operations.
About Greenscape
Greenscape Capital Group increases environmental sustainability, social responsibility, and profitability of companies and their operations. Greenscape Capital owns 100% of Green.Switch Capital, a Canadian based company focused on increasing the profitability of commercial facilities through enhanced energy efficiency and environmental best practices. When marked opportunities arise, Greenscape also invests in other companies that operate in the environmental space, providing strategic capital and business advisory services to assist companies in achieving their environmental and corporate goals. www.greenscapecapital.com
ON BEHALF OF THE BOARD
Bryan Slusarchuk, CEO and Director
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding future revenues, projections and contracts. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. The loan referenced in the commitment letter is subject to conditions and risks, and may or may not fund as expected by management. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur, when they will occur, or if they do occur, what benefits the company will obtain from them.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
