BOYD GROUP SERVICES INC. EXTENDS REVOLVING CREDIT FACILITIES

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WINNIPEG, MB, March 27, 2024 /CNW/ - Boyd Group Services Inc. (TSX: BYD) ("BGSI", "Boyd" or "the Boyd Group") today announced that it has extended its existing revolving credit facilities in the aggregate amount of US$550 million for a four-year term, with an accordion feature which can increase the credit facilities to a maximum of US$850 million (the "Facilities"). The Facilities will mature in March 2028. The existing US$125 million Term Loan A maturing in March 2027 remains unchanged.

"The amended credit facilities provide Boyd with continued financial flexibility," said Jeff Murray, Executive Vice President and Chief Financial Officer of the Boyd Group. "These financing arrangements, along with our strong balance sheet, will enable us to continue executing our growth strategy and building shareholder value."

The lending institutions participating in the Facilities include The Toronto-Dominion Bank as lead arranger, Bank of America, National Bank of Canada, The Bank of Nova Scotia, and Canadian Imperial Bank of Commerce.

About Boyd Group Services Inc.
Boyd Group Services Inc. is a Canadian corporation and controls The Boyd Group Inc. and its subsidiaries. Boyd Group Services Inc. shares trade on the Toronto Stock Exchange ("TSX") under the symbol BYD.TO. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at https://www.boydgroup.com.

About The Boyd Group Inc.
The Boyd Group Inc. (the "Company") is one of the largest operators of non-franchised collision repair centres in North America in terms of number of locations and sales. The Company operates locations in Canada under the trade names Boyd Autobody & Glass (https://www.boydautobody.com) and Assured Automotive (https://www.assuredauto.ca) as well as in the U.S. under the trade name Gerber Collision & Glass (https://www.gerbercollision.com). In addition, the Company is a major retail auto glass operator in the U.S. with operations under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. The Company also operates a third party administrator, Gerber National Claims Services, that offers glass, emergency roadside and first notice of loss services. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at https://www.boydgroup.com.

Caution concerning forward-looking statements
Statements made in this press release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words like "may", "will", "anticipate", "estimate", "expect", "intend", or "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on such statements, as actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include, but are not limited to: employee relations and staffing; acquisition and new location risk; operational performance; brand management and reputation; market environment change; reliance on technology; supply chain risk; margin pressure and sales mix changes; pandemic risk & economic downturn; changes in client relationships; decline in number of insurance claims; environmental, health and safety risk; climate change and weather conditions; competition; access to capital; dependence on key personnel; tax position risk; corporate governance; increased government regulation and tax risk; fluctuations in operating results and seasonality; risk of litigation; execution on new strategies; insurance risk; interest rates; U.S. health care costs and workers compensation claims; foreign currency risk; capital expenditures; low capture rates; and energy costs and BGSI's success in anticipating and managing the foregoing risks.

We caution that the foregoing list of factors is not exhaustive and that when reviewing our forward-looking statements, investors and others should refer to the "Risk Factors" section of BGSI's Annual Information Form, the "Risks and Uncertainties" and other sections of our Management's Discussion and Analysis of Operating Results and Financial Position and our other periodic filings with Canadian securities regulatory authorities. All forward-looking statements presented herein should be considered in conjunction with such filings.

SOURCE Boyd Group Services Inc.

Timothy O'Day, President & CEO, Tel: [phone], [email protected]; Jeff Murray, Executive Vice President & CFO, Tel: [phone], [email protected]; Craig MacPhail, Investor Relations, Tel: [phone] or toll free 1-800-385-5451, [email protected]