Business
Bri-Chem Renews Extension on its Senior Banking Facility
Edmonton, Alberta--(Newsfile Corp. - May 5, 2026) - Bri-Chem Corp. (TSX: BRY) (OTCQB: BRYFF) ("Bri-Chem" or "Company"), a leading North American oilfield chemical distribution and blending company, is pleased to announce that it has entered into an agreement with the Canadian Imperial Bank of Commerce ("CIBC") to renew its senior credit facilities ("ABL Facility") with a borrowing base of $25 million. The ABL facility is now committed until April 30, 2027.The ABL Facility bears interest at the..
About this update from Canadian Imperial Bank Of Commerce
[{"type":"text","content":"Edmonton, Alberta--(Newsfile Corp. - May 5, 2026) - Bri-Chem Corp. (TSX: BRY) (OTCQB: BRYFF) ("Bri-Chem" or "Company"), a leading North American oilfield chemical distribution and blending company, is pleased to announce that it has entered into an agreement with the Canadian Imperial Bank of Commerce ("CIBC") to renew its senior credit facilities ("ABL Facility") with a borrowing base of $25 million. The ABL facility is now committed until April 30, 2027.","length":510,"tagName":"p"},{"type":"text","content":"The ABL Facility bears interest at the Canadian prime rate plus 0.75%, or at the Company's option, CORRA or SOFR plus 2.25%, with the applicable CORRA or SOFR margin increasing by an additional 2.00% when availability falls below 20% of the borrowing base. The Facility includes a standby fee of 0.25% on undrawn amounts and is secured by a general security agreement over all present and after-acquired inventory and accounts receivable, together with customary related party subordination.","length":495,"tagName":"p"},{"type":"text","content":"In connection with the extension, the borrowing base under the ABL Facility has been reduced from $37.5 million to $25.0 million. Financial covenants remain consistent with the prior agreement.","length":193,"tagName":"p"},{"type":"text","content":"Barry Hugghins, Chairman & Chief Executive Officer, commented: "We are pleased to extend our ABL Facility with CIBC through to April 30, 2027. CIBC's support over the past decade has been consistent and valued. The reduction in the size of the Facility lowers associated fees and better aligns our debt structure with the current needs of the business, positioning us for more efficient capital deployment going forward."","length":439,"tagName":"p"},{"type":"text","content":"About Bri-Chem","length":14,"tagName":"p"},{"type":"text","content":"Bri-Chem has established itself, through a combination of strategic acquisitions and organic growth, as the North American industry leader for wholesale distribution and blending of oilfield drilling, completion, stimulation and production chemical fluids. We sell, blend, package and distribute a full range of drilling fluid products from 19 strategically located warehouses throughout Canada and the United States. Additional information...