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Atlas Engineered Products Announces New Credit and Banking Arrangements of up to $14.3m
Atlas Engineered Products Announces New Credit and Banking Arrangements of up to $14.3m ...
About this update from Atlas Engineered Products Ltd.
[{"type":"text","content":"\n \n \n \n Atlas Engineered Products Announces New Credit and Banking Arrangements of up to $14.3m\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n NANAIMO, BC\n \n ,\n \n Dec. 23, 2020\n \n /CNW/ - Atlas Engineered Products (\"AEP\" or the \"Company\") (TSX-V: AEP) (OTC Markets: APEUF) is pleased to announce that they have signed a new credit and banking agreement with TD Canada Trust. All following amounts mentioned are presented in Canadian dollars.\n \n \n \"We are excited with this new financing and credit partnership with TD Canada Trust of up to\n \n $14.3 million\n \n . With this agreement we replace our current, more restrictive, credit facilities with increased financing options, a group of credit products and a structure that is tailored to our high growth business needs. It replaces the bulk of our current debt, supports our day to day banking, while meeting the demands of our future financing needs that will support our growth. The Company has good liquidity, and this agreement positions AEP to continue our M&A activities, as well as allows for our continued focus on plant upgrades, automation, and product expansion,\" said\n \n AEP CEO\n \n & President,\n \n Dirk Maritz\n \n .\n \n \n The new credit facilities include a\n \n $2.0\n \n uncommitted million revolving line of credit (the \"LOC\"), a\n \n $4.8 million\n \n reducing term loan (the \"Term Loan\"), a\n \n $5.5 million\n \n committed revolving line of credit (the \"Revolver\") and a\n \n $2.0m\n \n non-revolving equipment leasing line (the \"Equipment LOC\").\n \n \n The LOC will be available to finance the Company's working capital needs, small capital expenditures, and for general corporate purposes. Repayment will be on demand and interest will be payable monthly. The Term Loan will be used to refinance existing debt and will be amortized over 7 years with monthly payments of principal and interest. The Revolver will be a credit facility available to the Company for general corporate purposes and acquisitions as needed. This Revolver has a t...