Business
Bri-Chem Corp. announces that HSBC Bank Canada approves $40 million credit facility
TSX Venture Exchange Symbol "BRY" EDMONTON, Oct. 9 /CNW/ - Bri-Chem Corp. ("Bri-Chem") (TSX Ventu...
About this update from Bri-chem Corp.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange\nSymbol "BRY"\n\n\nEDMONTON, Oct. 9 /CNW/ - Bri-Chem Corp. ("Bri-Chem") (TSX Venture\nExchange: BRY), a leading Canadian wholesale distributor of industrial\ndrilling fluids, steel products and services, today announced the approval of\na $40 million credit facility ("Facility") with HSBC Bank Canada.\n\n\nThe renewed and amended Facility consists of a $35 million operating\nloan, increased from $25 million, and a new $5 million acquisition loan which\nwill be utilized to repay the current higher interest bearing $3 million\nsubordinate loan with HSBC Capital. Pricing for the Facility is at prime, with\na sliding scale increase based on debt to equity covenant ratios. The Facility\ncontains the usual positive and negative covenants and certain financial ratio\nrequirements.\n\n\n"We are delighted to continue our relationship with HSBC Bank Canada and\nthe fact that we were able to increase our credit facilities and the\nflexibility of their conditions is a testament to our sound balance sheet,"\nsaid Bri-Chem's Chairman Don Caron. "With this Facility, and our strong\noperating cash flow, we can continue to fully support our current and future\ngrowth initiatives."\n\n\nAbout Bri-Chem\n\n\nBri-Chem is a wholesale distributor of industrial drilling fluid supplies\nand steel products and services to the oil and gas and construction\nindustries. Bri-Chem provides over 100 domestic and foreign drilling fluid\nproducts to customers throughout Alberta, British Columbia and Saskatchewan\nand distributes drill pipe, carbon steel welded pipe, carbon steel seamless\npipe, stainless steel welded pipe, stainless steel seamless pipe, tubing &\ncasing, sucker rods, galvanized steel products as well as fittings and\nflanges. Bri-Chem's customers operate in a wide range of industries, including\noil & gas, manufacturing, forestry, agriculture, construction, and mining.\n\n\nForward-Looking Statements\n\n\nCertain statements contained in this press release, including statements\nwhich may contain words such as "could", "should", "expect", "anticipate",\n"believe", "will", and similar expressions and statements relating to matters\nthat are not historical facts are forward-looking statements. Such\nforw...