Proactive Disclosure

Disclosure of new Loans in excess of $1,000,000

In the interests of balancing Government’s obligation of openness and transparency, with the need to protect the privacy and sensitive information of Finance PEI and Island Investment Development Inc.’s borrowing clients, the Government of Prince Edward Island has adopted a policy to proactively disclose certain prescribed information relating to new loan authorizations where:

  • The Loan, including guarantees provided on behalf of that Borrower or affiliate, exceeds $1,000,000; or
  • The cumulative exposure of the Borrower to Finance PEI or Island Investment Development Inc., resulting from the new Loan, exceeds $1,000,000.

Beginning on May 15, 2018, this website will be updated on an ongoing basis to disclose new loan authorizations by Finance PEI or Island Investment Development Inc. that meet this criteria. Information beyond that provided herein continues to be subject to the Freedom of Information and Protection of Privacy Act.

New Loan Authorizations in excess of $1,000,000
Date Borrower Lender Authorized Amount of Loan Interest Rate Purpose of Loan
August 10, 2018 Royalty Plaza Business Centre Inc.
21 John Yeo Drive
Charlottetown, PE
Finance PEI $2,291,000 Fixed, 5.5%, 5 year term Purchase / Improvement of Capital Assets
June 26, 2018 Aqua Bounty Canada, Inc.
718 Fortune Bay Road
Souris, PE
Prince Edward Island Century 2000 Fund Inc. $2,700,000 Fixed, 4%, 5 year term Purchase / Improvement of Capital Assets
June 20, 2018 Charlottetown Metal Products
2744 North York River Road
Milton Station, PE
Prince Edward Island Century 2000 Fund Inc. $150,000 Fixed, 4%, 5 year term Purchase / Improvement of Capital Assets
June 19, 2018 Slemon Park Corporation
30A Aerospace Boulevard
Slemon Park, PE
Island Investment Development Inc. $750,000 Fixed, 3%, 10 year term Purchase / Improvement of Capital Assets
June 19, 2018 River Resorts Ltd.
149 Kent Street
Charlottetown, PE
Prince Edward Island Century 2000 Fund Inc. $1,120,000 Fixed, 4%, 5 year term Refinance
June 19, 2018 River Resorts Ltd.
149 Kent Street
Charlottetown, PE
Prince Edward Island Century 2000 Fund Inc. $9,700,000 Fixed, 4%, 5 year term Refinance
June 19, 2018 Rodd Investments Ltd.
149 Kent Street
Charlottetown, PE
Prince Edward Island Century 2000 Fund Inc. $9,000,000 Fixed, 4%, 5 year term Renewal
June 19, 2018 Rodd Management Limited
149 Kent Street
Charlottetown, PE
Prince Edward Island Century 2000 Fund Inc. $2,250,000 Fixed, 4%, 5 year term Renewal

 

Glossary of Terms

Term of Loan - this is the length of time the borrower commits to the interest rate and other specific terms of the loan. The repayment period of the loan may be longer than the term of the loan.


Renewal of Loan - when the term of a loan expires, and the repayment period was longer than the initial term of the loan, the borrower may seek to renew the remaining balance for an additional term with the existing lender. This renewal process will require the borrower to provide current financial and other supporting information before the lender offers a renewal term.


Refinancing - is the replacement of an existing debt obligation with a new loan under different terms, either with the existing lender or an entirely new one. The applicant will provide current financial and other supporting information to secure this financing.


Operating / Working Capital Loans - are used to finance the everyday operations of a business such as marketing, product development, wages and other activities.

The short-term financing provided by working capital loans helps companies bridge financial gaps—typically the time between the payment of accounts payable and collection of accounts receivable.


Capital Loans - are typically used to acquire, upgrade, and maintain physical assets, such as property, industrial buildings, or equipment, which are related to a company’s business. The repayment period of a capital loan is usually based on the remaining useful life of the asset being financed.

 

Published date: 
May 31, 2018
Finance PEI

General Inquiries

Finance PEI
2nd Floor, 94 Euston Street
Charlottetown, PE C1A 1R7

Phone: (902) 368-6300
Fax: (902) 368-6255

financepei@gov.pe.ca