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Bri-Chem Corp. (TSX: BRY) (OTCQB: BRYFF), a leading North American oilfield chemical distribution and blending company, has announced the renewal of its senior credit facilities (ABL Facility) with the Canadian Imperial Bank of Commerce (CIBC). The renewed facility has a borrowing base of $37.5 million and is committed until April 30, 2026.
Key details of the ABL Facility include:
- Interest rates: Canadian prime rate plus 2% or CORRA and SOFR rate plus 2%
- Standby fee: 0.25% on unused amounts
- Security: General security agreement covering inventory and accounts receivable
The renewal also includes amendments to reduce professional fees associated with facility administration and an additional default provision related to the renegotiation of subordinated debt. Don Caron, Chairman & CEO, expressed appreciation for CIBC’s continued support over the past decade.
Bri-Chem Corp. (TSX: BRY) (OTCQB: BRYFF), una delle principali aziende nordamericane nella distribuzione e miscelazione di prodotti chimici per i giacimenti petroliferi, ha annunciato il rinnovo delle sue linee di credito senior (ABL Facility) con la Canadian Imperial Bank of Commerce (CIBC). Il nuovo contratto prevede una base di prestito di 37,5 milioni di dollari ed è valido fino al 30 aprile 2026.
Dettagli chiave dell’ABL Facility includono:
- Tassi d’interesse: tasso primario canadese più 2% o tasso CORRA e SOFR più 2%
- Tassa di disponibilità: 0,25% sugli importi non utilizzati
- Sicurezza: contratto di sicurezza generale che copre inventario e crediti verso clienti
Il rinnovo include anche modifiche per ridurre le spese professionali associate all’amministrazione della linea di credito e una disposizione aggiuntiva sui default relativa alla rinegoziazione del debito subordinato. Don Caron, Presidente e CEO, ha espresso gratitudine per il continuo supporto ricevuto da CIBC nel corso dell’ultimo decennio.
Bri-Chem Corp. (TSX: BRY) (OTCQB: BRYFF), una de las principales empresas de distribución y mezcla de productos químicos para la industria petrolera en América del Norte, ha anunciado la renovación de sus líneas de crédito senior (ABL Facility) con el Canadian Imperial Bank of Commerce (CIBC). La instalación renovada tiene una base de préstamos de 37.5 millones de dólares y está comprometida hasta el 30 de abril de 2026.
Los detalles clave de la ABL Facility incluyen:
- Tasas de interés: tasa preferencial canadiense más 2% o tasa CORRA y SOFR más 2%
- Cuota de disponibilidad: 0.25% sobre los montos no utilizados
- Seguridad: acuerdo de seguridad general que cubre inventario y cuentas por cobrar
La renovación también incluye enmiendas para reducir los honorarios profesionales asociados con la administración de la instalación y una disposición adicional sobre incumplimientos relacionada con la renegociación de la deuda subordinada. Don Caron, Presidente y CEO, expresó su agradecimiento por el continuo apoyo de CIBC durante la última década.
Bri-Chem Corp. (TSX: BRY) (OTCQB: BRYFF)는 북미의 주요 유전 화학 분배 및 혼합 회사로, Canadian Imperial Bank of Commerce (CIBC)와의 선순위 신용 시설(ABL Facility)을 갱신했다고 발표했습니다. 갱신된 시설의 대출 기초는 3,750만 달러입니다 그리고 2026년 4월 30일까지 유효합니다.
ABL Facility의 주요 세부 사항은 다음과 같습니다:
- 이자율: 캐나다 주요 금리 + 2% 또는 CORRA 및 SOFR 금리 + 2%
- 대기 요금: 사용하지 않은 금액의 0.25%
- 보안: 재고 및 매출채권을 포함하는 일반 보안 계약
갱신에는 시설 관리와 관련된 전문가 수수료를 줄이기 위한 수정안과 후순위 채무 재협상과 관련된 추가 기본 조건도 포함되어 있습니다. Don Caron, 회장 겸 CEO는 지난 10년 동안 CIBC의 지속적인 지원에 감사의 뜻을 전했습니다.
Bri-Chem Corp. (TSX: BRY) (OTCQB: BRYFF), une entreprise leader en Amérique du Nord dans la distribution et le mélange de produits chimiques pour l’industrie pétrolière, a annoncé le renouvellement de ses facilités de crédit senior (ABL Facility) avec la Canadian Imperial Bank of Commerce (CIBC). La facilité renouvelée a une base de prêt de 37,5 millions de dollars et est engagée jusqu’au 30 avril 2026.
Détails clés de l’ABL Facility :
- Taux d’intérêt : taux de base canadien plus 2 % ou taux CORRA et SOFR plus 2 %
- Frais de disponibilité : 0,25 % sur les montants non utilisés
- Sécurité : accord de sécurité général couvrant l’inventaire et les comptes à recevoir
Le renouvellement inclut également des modifications pour réduire les honoraires professionnels associés à l’administration de la facilité et une disposition supplémentaire concernant les défauts liés à la renégociation de la dette subordonnée. Don Caron, Président et CEO, a exprimé sa gratitude pour le soutien continu de CIBC au cours de la dernière décennie.
Bri-Chem Corp. (TSX: BRY) (OTCQB: BRYFF), ein führendes nordamerikanisches Unternehmen für die Verteilung und Mischung von Chemikalien für die Ölindustrie, hat die Erneuerung seiner Senior-Kreditfazilitäten (ABL Facility) mit der Canadian Imperial Bank of Commerce (CIBC) bekannt gegeben. Die erneuerte Fazilität hat eine Kreditlinie von 37,5 Millionen Dollar und ist bis 30. April 2026 verpflichtet.
Wichtige Details der ABL Facility umfassen:
- Zinssätze: kanadischer Prime-Zinssatz plus 2% oder CORRA- und SOFR-Zinssatz plus 2%
- Bereitstellungsgebühr: 0,25% auf ungenutzte Beträge
- Sicherheit: Allgemeiner Sicherungsvertrag, der Inventar und Forderungen abdeckt
Die Erneuerung umfasst auch Änderungen zur Reduzierung von Berufsgebühren im Zusammenhang mit der Verwaltung der Fazilität und eine zusätzliche Verletzungsbestimmung im Zusammenhang mit der Neuverhandlung von nachrangigen Schulden. Don Caron, Vorsitzender und CEO, äußerte seinen Dank für die kontinuierliche Unterstützung von CIBC im letzten Jahrzehnt.
Positive
- Renewal of senior credit facilities (ABL Facility) with a $37.5 million borrowing base
- Extension of ABL Facility commitment until April 30, 2026
- Amendments to reduce professional fees associated with facility administration
- Continued support from CIBC as the main financial partner
Negative
- Additional default provision related to renegotiation of subordinated debt loan
Edmonton, Alberta–(Newsfile Corp. – October 9, 2024) – 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 $37.5 million. The ABL facility is now committed until April 30, 2026.
The ABL Facility bears interest either at the Canadian prime rate plus 2% or CORRA and SOFR rate plus 2%, has a standby fee of 0.25% on unused amounts of the ABL Facility and is secured by a general security agreement covering all present and after acquired inventory and accounts receivable balances and postponements of claims from related parties. In addition to the extension of favorable terms, amendments have been provided that will reduce professional fees associated with the administration of the ABL Facility, and an additional default provision associated to the successful renegotiation or refinancing of our current subordinated debt loan six months prior to its expiration has been added. Financial covenants are consistent with the previous agreement.
Don Caron, Chairman & Chief Executive Officer, comments, “We are very excited that we have the opportunity to extend our ABL Facility with CIBC until April 30, 2026. The support shown by CIBC over the past decade has been unwavering and we appreciate having them as our main financial partner going forward.”
About Bri-Chem
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 25 strategically located warehouses throughout Canada and the United States. Additional information about Bri-Chem is available at www.sedarplus.ca or at Bri-Chem’s website at www.brichem.com.
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information or forward-looking statements, as defined under applicable Canadian securities legislation (collectively, “forward-looking statements”). These statements relate to future events or future performance and include statements regarding our intent, or the beliefs or current expectations of our officers and directors. The use of any of the words “could”, “should”, “anticipates”, “plans”, “intends”, “expects”, “believes”, “continue”, “forecasts”, “will”, “estimated”, “projected” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking statements and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
Although the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. By their nature, such forward-looking statements are subject to various risks and uncertainties, which could cause actual results to differ materially from the anticipated results or expectations expressed herein. These risks and uncertainties, include, but are not limited to general economic conditions, prevailing and anticipated industry conditions, access to debt and equity financing on acceptable terms, levels and volatility of commodity prices, maintained demand for drilling fluids, market forces, ability to achieve geographic expansion through new warehouse locations, anticipated impact of new warehouse locations, ability to obtain equipment from suppliers, ability to maintain negotiating power with suppliers and customers, ability to obtain and retain skilled personnel, competition from other industry participants and regulatory conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release or otherwise. Except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226207
FAQ
What is the new borrowing base for Bri-Chem’s (BRYFF) renewed ABL Facility?
Bri-Chem Corp. (BRYFF) has renewed its ABL Facility with a borrowing base of $37.5 million.
Until when is Bri-Chem’s (BRYFF) renewed ABL Facility committed?
Bri-Chem Corp.’s (BRYFF) renewed ABL Facility is committed until April 30, 2026.
What are the interest rates for Bri-Chem’s (BRYFF) renewed ABL Facility?
The ABL Facility bears interest at either the Canadian prime rate plus 2% or CORRA and SOFR rate plus 2%.
What amendments were made to Bri-Chem’s (BRYFF) renewed ABL Facility?
Amendments include reduced professional fees for facility administration and an additional default provision related to subordinated debt renegotiation.
