Bri-Chem Increases Credit Facility to $90 Million
21 11월 2013 - 8:00PM
Marketwired Canada
Bri-Chem Corp. ("Bri-Chem" or "Company") (TSX:BRY), a leading North American
wholesale distributor and manufacturer of oil and gas drilling fluids and steel
pipe, is pleased to announce that it has increased and extended its Asset Based
Lending Facility ("ABL Facility") by $10 million from $80 million to $90 million
with Canadian Imperial Bank of Commerce and HSBC Bank Canada. In addition to
increasing the size of the ABL Facility, the term was extended from August 12,
2014 to August 12, 2016. The amended ABL Facility offers more favourable terms
and interest rates and as well provides the Company with additional financial
resources at cost efficient and flexible terms to support the Company's future
growth.
"We are pleased with the increase and extension of our credit facility and
appreciate the support and confidence of the financial institutions involved,"
said Don Caron, Chief Executive Officer of Bri-Chem. "Along with our strong cash
flow, the amended credit facility provides Bri-Chem the ability to develop upon
our business plan to further penetrate our rapidly expanding USA drilling fluids
market segment."
About Bri-Chem
Bri-Chem has established two primary segments of business through a combination
of internal growth and acquisitions: Bri-Chem's Drilling Fluid Division is North
America's largest independent wholesale supplier of drilling fluids for the oil
and gas industry. We provide over 100 drilling fluid products, cementing,
acidizing and stimulation additives from 31 strategically located warehouses
throughout Canada and the United States; Bri-Chem's Steel Pipe Division is the
first company to introduce and construct a Thermal Pipe Expansion (TPE) facility
in North America for manufacturing, testing and supply of large diameter
seamless steel pipe for the energy industry. Additional information about
Bri-Chem is available at www.sedar.com or at Bri-Chem's website at
www.brichem.com.
To receive Bri-Chem news updates send your email to ir@brichem.com.
Neither the TSX nor its Regulation Services Provider (as that term is defined in
the policies of the TSX) accepts responsibility for the adequacy or accuracy of
this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bri-Chem Corp.
Jason Theiss
CFO
(780) 577-0595
jtheiss@brichem.com
www.brichem.com
CHF Investor Relations
Robin Cook
Account Manager
(416) 868-1079
robin@chfir.com
CHF Investor Relations
Cathy Hume
CEO
(416) 868-1079 x231
cathy@chfir.com
Bri Chem (TSX:BRY)
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