Uni-Select Inc. Successfully Completes Refinancing with New US$565 Million Credit Facilities Including Covenant Relief Providing Increased Flexibility
  • Uni-Select has secured new credit facilities, replacing the current facilities, with leverage and interest coverage ratio requirements effective only from December 31, 2021.
  • The new facilities provide access to additional liquidity and flexibility. The Corporation now has access to approximately US$220 million of liquidity to navigate through the COVID-19 pandemic, if needed.

Boucherville (Québec), May 29, 2020 – Uni-Select Inc. (TSX: UNS) ("Uni-Select" or the "Corporation") today announced that it has successfully secured new credit facilities providing access to additional liquidity on more flexible financial terms and conditions. The new US$565 million secured credit facilities, which will mature on June 30, 2023, consist of a US$350 million revolving credit facility and US$215 million term facilities. The new credit facilities can be used for general corporate purposes, thereby providing additional liquidity and flexibility, if required.

“These new credit facilities increase our total available liquidity by an additional US$100 million, to approximately US$220 million, and complement the multiple measures implemented by our team over the past few months to weather the impact of the pandemic. Furthermore, the new credit facilities provide a more favorable covenant structure and more latitude to manage our business going forward. We are pleased to have the continued commitment from our existing banking syndicate as well as the support of new financial partners with Export Development Canada and Investissement Québec, on behalf of the government of Québec. With this latest initiative, combined with the measures already put in place, we believe that we are well prepared to face the ongoing economic uncertainty,” said Brent Windom, President and Chief Executive Officer, Uni-Select Inc.

The facilities will be secured by a first ranking lien on all of the Corporation’s assets, which security has also been extended to secure the Corporation’s vendor financing program and its UK revolving credit facility of £6 million.

National Bank Financial and RBC Capital Markets acted as co-lead arrangers, and National Bank Financial acted as sole bookrunner, for the syndication of the credit facilities and National Bank of Canada is acting as administrative agent for the credit facilities. Export Development Canada and Investissement Québec, on behalf of the government of Québec, committed US$75 million and US$25 million to the term facilities, respectively.

Credit Facilities

The new credit facilities consist of a US$350 million revolving credit facility and two term loans totalling US$215 million. The term facilities cater to two different borrowers of the group and carry the same terms and conditions. The US$565 million facilities are subject to a total repayment of 21.2% over the term of the facilities including a repayment of 17.7% on March 31, 2022.

The Corporation will be subject to leverage or interest coverage tests starting on December 31, 2021. The facilities contain a minimum profitability requirement (as described in the facilities) until the quarter ending September 30, 2021 and a minimum liquidity requirement until the quarter ending March 31, 2022.

The new credit facilities also contain various limitations on distributions and on the usages of the proceeds from the disposal of assets. All facilities are repayable without penalty with the remaining balance due at maturity on June 30, 2023.


With over 6,000 employees in Canada, the U.S. and the U.K., Uni-Select is a leader in the distribution of automotive refinish and industrial coatings and related products in North America, as well as a leader in the automotive aftermarket parts business in Canada. Uni-Select is headquartered in Boucherville, Québec, Canada, and its shares are traded on the Toronto Stock Exchange (UNS).

In Canada, Uni-Select supports over 16,000 automotive repair and collision repair shops and more than 4,000 shops through its automotive repair/installer shop banners and automotive refinish banners. Its national network includes over 1,000 independent customer locations and more than 75 company-owned stores, many of which operate under the Uni-Select BUMPER TO BUMPER®, AUTO PARTS PLUS® and FINISHMASTER® store banner programs.

In the United States, Uni-Select, through its wholly-owned subsidiary FinishMaster, Inc., operates a national network of over 175 automotive refinish company-owned stores under the FINISHMASTER® banner, which supports over 30,000 customers annually and is the primary supplier to more than 5,500 collision repair centre customers.

In the U.K. and Ireland, Uni-Select, through its Parts Alliance group of subsidiaries, is a major distributor of automotive parts supporting over 23,000 customer accounts with a network of over 175 company-owned stores.


Certain statements made in this press release are forward-looking statements. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, project, strategy, target and other similar expressions or future or conditional verbs such as aim, anticipate, believe, could, expect, intend, may, plan, seek, should, strive and will. Forward-looking statements in this press release include statements relating to our need of the additional liquidity and our ability to face the ongoing economic uncertainty. All such forward looking statements are made pursuant to the “safe harbour” provisions of applicable Canadian securities laws.
Forward-looking statements are, by their very nature, subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which may cause expressed expectations to be significantly different from those listed or implied within this press release and our business outlook, objectives, plans and strategic priorities may not be achieved. In particular, Uni-Select is facing significant impacts on its business as a result of the COVID-19 pandemic, witnessing a severe decline in revenue commencing mainly in the last half of March 2020. The COVID-19 pandemic has resulted in a major decline in economic activity in North America and the United Kingdom resulting in a decline in demand for Uni‑Select's products and services, reduced workplace productivity resulting from government-ordered business closures and enhanced health and safety measures and compromised business continuity of certain of Uni-Select's stores, suppliers, customers and/or partners. The duration and extent of the impact of the COVID-19 pandemic on Uni-Select's business, including its operations and the market for its securities, will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of the pandemic and the actions taken in various jurisdictions to contain or treat the outbreak. These impacts could in turn, amongst other things, negatively impact Uni-Select's liquidities and/or its ability to remain in compliance with covenants under its indebtedness. Risks and uncertainties to which the forward-looking statements are subject also include the risk factors described in the Corporation’s Management’s Discussion & Analysis for the year ended December 31, 2019 under the heading “Risk Management” available on as well as on Uni-Select’s website at As a result, we cannot guarantee that any forward-looking statement will materialize, and we caution you against relying on any of these forward-looking statements. The forward-looking information contained herein is made as of the date of this press release, and Uni-Select does not undertake to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.