UPDATE 1-Consumers' Waterheater Income Fund gets C$275 mln loan
* Says agreement with Toronto Dominion Bank
* To use proceeds to repay debt
Nov 16 (Reuters) - Canada's Consumers' Waterheater Income Fund (CWI_u.TO) said its unit has signed a commitment letter with Toronto Dominion Bank (TD.TO) for a C$275 million senior credit facility.
Consumers' Waterheater Operating Trust plans to use the credit facility to repay C$225 million of secured notes and a C$50 million revolving credit line on or before their maturity date of Jan. 28, 2010.
The company said the credit facility consists of a C$240 million non-revolving bridge facility and a C$35 million revolving facility.
Toronto Dominion Bank will provide half of the facility, and has received commitments from a syndicate of banks for the balance, Consumers' Waterheater said in a statement.
Units of the fund, which have shed about 40 percent in the last three months, were up 16 Canadian cents at C$3.73 in morning trade Friday on the Toronto Stock Exchange." (Reporting by Amit Kumar in Bangalore; Editing by Pradeep Kurup)
