VANCOUVER, Sept. 13 /CNW/ - Canlan Ice Sports Corp. announced today that it has entered into a commitment letter with HSBC Bank Canada to re-finance its long term debt. Canlan plans to use the funds made available under this single, non-revolving $49 million credit facility, to pay out its existing debt to several other financial institutions, which come due on October 1, 2005. Canlan has agreed to grant security for the loan over the eleven ice rink facilities owned by it and by two of its Canadian subsidiaries. The loan has a 3 year term and will be amortized over 15 years with blended monthly payments. Grant Ballantyne, President and CEO, said the Company will benefit from consolidating all of its debt with one Vancouver based lender and provide a foundation for future growth. The new financing arrangements will provide improved cash flow for Canlan to help offset the seasonality of its annual cash flow stream. Canlan Ice Sport Corp. is the largest private sector operator of recreational ice facilities in North America with 53 ice surfaces at 19 facilities owned and/or managed in Canada and United States. Through the Adult Safe Hockey League, Canlan operates the largest adult recreational hockey league in North America with more than 37,000 players and offers a variety of other programs including youth leagues, hockey and figure skating academies and tournaments. Canlan is listed on the Toronto Stock Exchange under the symbol "ISE"