Softchoice Renews Its Senior Secured Asset-Based Credit Facility

Softchoice Corporation renewed its existing $115,000,000 senior secured asset-based credit facility to finance its working capital needs, capital expenditure needs and general corporate purposes (including the issuance of letters of credit). The transaction was entered into by Softchoice Corporation, as borrower, other Softchoice entities, as guarantors, Bank of America, N.A. (acting through its Canada branch) as Agent and a syndicate of lenders.

The syndicate comprises Bank of America, N.A. (acting through its Canada branch), Bank of Montreal and The Toronto-Dominion Bank (the “Lenders”).

Softchoice Corporation (TSX: SO) is a leading North American provider of technology solutions and services to small, mid-market, enterprise and public sector organizations.

The Company value lies in combining efficiency and scale of a national IT supplier with the technical expertise of a local solutions provider.

Over the past 10 years Softchoice has sustained a compounded annual growth rate in gross profit in excess of 15 per cent.

Softchoice has operations in more than 50 cities and manages the technologies needs of more than 15,000 customers across the US and Canada.

Softchoice Corporation was represented in Canada by Borden Ladner Gervais LLP with a team consisting of Bruce Fowler and Sabrina Ceccarelli and was represented in the United States by Pillsbury Winthrop Shaw Pittman LLP with a team consisting of Robert Slattery, Anna Park and Walid Abouzeid.

The Agent and the Lenders were represented in Canada by Norton Rose OR LLP (now Norton Rose Canada LLP) with a team consisting of Kevin Morley, David Amato, Aditya Rebbapragada and Victoria Everett and were represented in the United States by Quarles & Brady LLP with a team consisting of David Bourne and Kathryn Kronquist.