Business
Bri-Chem Announces Closing of $6.25M BCAP Term Loan and Extension of Senior Credit Facility
Bri-Chem Announces Closing of $6.25M BCAP Term Loan and Extension of Senior Credit Facilit...
About this update from Bri-chem Corp.
[{"type":"text","content":"\n\n\n\nBri-Chem Announces Closing of $6.25M BCAP Term Loan and Extension of Senior Credit Facility\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nEDMONTON, AB, July 17, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S./\nTSX Symbol \"BRY\"\n EDMONTON, AB, July 17, 2020 /CNW/ - Bri-Chem Corp. (\"Bri-Chem\" or \"Company\") (TSX: BRY), a North American oilfield chemical distribution and blending company, is pleased to announce the closing of a $6.25 million term loan (the \"BCAP Loan\") with Canadian Imperial Bank of Commerce (\"CIBC\") under the Canadian Government Business Credit Availability Program (\"BCAP\") and that we have reached an agreement with CIBC to extend the term of our Asset Based Lending Facility (\"ABL Facility\") to October 31, 2021. The Company and Greypoint Capital Inc. (\"Greypoint\") have also agreed to certain amendments and additional terms to the Company's current subordinated term loan with Greypoint in the aggregate principal amount of $7,866,667 (\"Sub Debt Loan\").  \n\n \n \n \n \n \n \n\n \nABL Facility and Sub Debt Loan\nBri-Chems' senior secured ABL Facility, which was scheduled to mature on October 31, 2020 has been extended through to October 31, 2021. The Company and CIBC have agreed to amend certain conditions and covenants of the ABL Facility as of the date hereof.   \nIn addition, the Company and Greypoint have agreed to certain amendments to the Sub Debt Loan, including but not limited to a 2.0% payment-in-kind (PIK) interest on the Sub Debt Loan until loan maturity, the amendment of certain financial covenants and the issuance of 2,500,000 Bri-Chem warrants (the \"Warrants\") to Greypoint. The Warrants are exercisable into common shares of Bri-Chem at a price of $0.10 per share for a period of 4 years from the date of issuance.  \n$6.25 million term loan under the Canadian Government Business Credit Availability Program\nThe BCAP Loan, which is administered by CIBC, is backed by the Canadian Gover...