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Press release from CNW Group

IBI Group Inc. announces the closing of a new credit facility with a syndicate of banks

Tuesday, August 02, 2011

IBI Group Inc. announces the closing of a new credit facility with a syndicate of banks08:20 EDT Tuesday, August 02, 2011TORONTO, Aug. 2, 2011 /CNW/ -IBI Group Inc. (the "Company") (TSX: IBG) announces that IBI Group Partnership closed a new $120 million credit facility with an $80 million accordion feature on Friday July 29, 2011.Phil Beinhaker, Chairman Director and CEO of the IBI Group of Firms noted that the new facility has new material advantages to IBI Including:Reduced interest cost;Greater flexibility in terms of guarantees and documentation required for non-material acquisitions;Reduced financial covenants;Reduced standby fee on the $120 million committed;Enhanced capacity for acquisitions, of an additional $80 million to a total of $200 million;Providing for greater flexibility as the extended 5 year maturity date will extend past the December 31, 2014 due date of the $46 million convertible debentures.This new facility replaces the existing $150 million credit facility which was to mature August 31, 2012.About IBI GROUP INC. AND IBI GROUPIBI Group Inc. is a TSX listed company, which pays monthly dividends and trades under the symbol "IBG".  IBI Group Inc. holds an indirect 72% interest in IBI Group, a partnership (of a subsidiary of IBI Group Inc. and IBI Group Management Partnership) which, directly and through its subsidiary entities, provides professional services, including planning, design, implementation, analysis of operations and other consulting services in relation to four main areas of development, being urban land, building facilities, transportation networks and systems technology.  The remaining 28% of IBI Group is owned by IBI Group Management Partnership.  On a partially diluted basis, assuming the exchange of its partnership units of IBI Group for common shares of IBI Group Inc., IBI Group Management Partnership together with affiliated entities holds a combined 46% interest in IBI Group Inc.For further information: Tony Long IBI Group Inc. 230 Richmond Street West, 5th Floor Toronto, ON M5V 1V6 Tel: 416-596-1930, Fax: 416-596-8024