New loan facility for Cunningham Lindsey

Independent adjuster Cunningham Lindsey Canada has secured a new loan facility for $105 million with Brascan Bridge Lending Fund.
The unsecured, non-revolving facility has an initial termination of March 31, 2005, with the possibility of two six-month extensions beyond that date. Proceeds from the loan are being used to pay short-term debt, including that owed under an interim demand facility, some owed to Canadian banks, and indebtedness to ultimate parent Fairfax Financial Holdings.
Cunningham Lindsey Canada paid a $960,000 commitment fee in respect of the loan, which is backed by immediate parent Lindsey Morden. Fairfax has extended their commitment to provide financing as required for Lindsey Morden until March 31, 2006.