Business
Black Diamond Group Announces Extension and Expansion of Asset-Based Credit Facility
CALGARY, Alberta, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Black Diamond Group Limited (the “Comp...
About this update from Black Diamond Group Limited
[{"type":"text","content":"Black Diamond Group Announces Extension and Expansion of Asset-Based Credit Facility\n\n\n\n CALGARY, Alberta, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Black Diamond Group Limited (the “Company” or “Black Diamond”) (TSX:BDI, OTCQX:BDIMF) is pleased to announce the renewal and expansion of its secured, asset-based, revolving credit facility (“Facility”).\n \n\n The renewal extends the maturity of the Facility out to February 20, 2030. Concurrently, the Facility is being upsized to $425 million with a $75 million uncommitted accordion, from $325 million with an uncommitted accordion of $50 million, and expanded to now provide advance rates against categories of rental assets that were previously excluded from the borrowing base.\n \n\n The interest rate pricing grid remains unchanged. All other major terms and conditions of the Facility, including financial covenants, are carried forward and not materially affected by the extension and expansion. As before, Black Diamond is required to maintain a Fixed Charge Coverage Ratio of 1.1:1; however this covenant is only tested under certain circumstances, including when over 90% of the Facility is drawn.\n \n\n “The use of the asset-based credit facility has been instrumental in providing the necessary liquidity and flexibility to continue growing our specialty rental and industrial services businesses over the past six years,’ said Trevor Haynes, Chief Executive Officer of Black Diamond. “This extension and expansion underpins our continued commitment to executing our ambitious plans in line with our long range strategies to further compound our profitable growth and diversify and scale all areas of our business.”\n \n\n\n About Black Diamond Group\n \n\n\n Black Diamond is a specialty rentals and industrial services company with two operating business units - MSS and WFS. We operate in Canada, the United States, and Australia.\n \n\n MSS through its principal brands, BOXX Modular, CLM, MPA Systems, and Schiavi, owns a large rental fleet of modular buildings of various types and sizes. Its network of local branches rent, sell, service, and provide ancillary products and services to a diverse customer base in the construction, industrial, education, financial, and government sectors.\n \n\n WFS owns a large rental fleet ...