July 17, 2006
Boyd Group Income Fund Announces The Prepayment Of A Portion Of Its Senior Debt And An Increase To Its Operating Line Of Credit
Not for distribution to U.S. newswire services or for dissemination in the United States.Winnipeg, Manitoba — July 17, 2006 — The Boyd Group Inc. and the Boyd Group Income Fund (TSX: BYD.UN) (“the Fund”) today announced it has made a US$2.8 million prepayment of its senior debt term facility. The prepayment will be applied to the back end of the debt repayment schedule thereby shortening the term from October 15, 2008 to April 15, 2008, and reducing the amount of debt repayment in 2008 from US$4.0 million to US$1.2 million. The prepayment will generate approximately CDN$0.9 million in foreign exchange gains for the Boyd Group. Concurrent with the senior debt prepayment, the Boyd Group will increase its operating line availability from CDN$12.0 million to CDN$15.0 million.
About The Boyd Group Inc.
The Boyd Group Inc. is the largest operator of collision repair centres in Canada and among the largest in North America. The company operates locations in the four western Canadian provinces principally under the trade names Boyd Autobody & Glass and Service Collision Repair, as well as in six U.S. states principally under the trade name Gerber Collision & Glass. The company also operates Gerber National Glass Services, an auto glass repair and replacement referral business with affiliated service providers throughout the United States. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our Web site at www.boydgroup.com.
About The Boyd Group Income Fund
The Boyd Group Income Fund is an unincorporated, open-ended mutual fund trust created for the purposes of acquiring and holding certain investments, including a majority interest in The Boyd Group Inc. and its subsidiaries.
For further information, please contact:
Terry Smith
CEO
Tel: (204) 895-1244
terry.smith@boydgroup.com
Bruce Wigle
Investor Relations
Tel: (416) 815-0700 or toll free 1-800-385-5451 (ext.228)
bwigle@equicomgroup.com
Dan Dott
Chief Financial Officer
Tel: (204) 895-1244
dan.dott@boydgroup.com
This press release contains forward-looking statements, other than historical facts, which reflect the view of the Fund’s management with respect to future events. Such forward-looking statements reflect the current views of the Fund’s management and are made on the basis of information currently available. Although management believes that its expectations are reasonable, it can give no assurance that such expectations will prove to be correct. The forward-looking statements contained herein are subject to these factors and other risks, uncertainties and assumptions relating to the operations, results of operations and financial position of the Fund. The Fund assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements.
Corporate Headquarters
Boyd Group Services Inc.
Boyd Group Services Inc.
1745 Ellice Avenue
Winnipeg, Manitoba, R3H 1A6
Email: info@boydgroup.com
Tel: 204-895-1244
Fax: 204-895-1283