Business
HSBC Bank Canada approves $40 million credit facility
TSX Venture Exchange Symbol "BRY" EDMONTON, Aug. 28 /CNW/ - Bri-Chem Corp. ("Bri-Chem") (TSX Vent...
About this update from Bri-chem Corp.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange\nSymbol "BRY"\n\n\nEDMONTON, Aug. 28 /CNW/ - Bri-Chem Corp. ("Bri-Chem") (TSX Venture\nExchange: BRY) a leading Canadian wholesale distributor of industrial drilling\nfluids, steel products and services, today announced the approval of a $40\nmillion credit facility ("Facility") with HSBC Bank Canada.\n\n\nThe renewed and amended Facility consists of a $40 million operating\nloan, increasing to $45 million for the period December 1, 2009 to April 30,\n2010. Pricing for the Facility is at prime plus 0.75%, with a sliding scale\nincrease based on debt to tangible net worth covenant ratios. The Facility\ncontains the usual positive and negative covenants and certain financial ratio\nrequirements. In addition, Bri-Chem previously anticipated utilizing a $5\nmillion acquisition loan to repay its $3.0 million subordinate loan with HSBC\nCapital, however, the acquisition loan was not implemented and the subordinate\nloan with HSBC Capital is currently being repaid in monthly installments.\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 forward\nlooking statements involve known and unknown risks and uncertainties which may\ncause the actual results, performances or achievements of Bri-Chem to be\nmaterially different from any future results, pe...