Canadian Underwriter

Anthony Clark secures US$5 million debt facility

March 24, 2004   by Canadian Underwriter

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Calgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.
The debt arrangement, which carries interest of prime plus 8% charged on payments during the first two years, will mature seven years from closing of the transaction. An Anthony Clark statement says the gearing will be used to refinance debt under Paragon Capital as well as fund further brokerage acquisitions within the U.S.

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