NEWMARKET, Ontario, Sept. 23, 2021 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS) (OTCQX: ABSSF) (the "Company" or "AirBoss") today announced that it has updated its senior secured credit facilities with an expanded syndicate of major banks to increase the available size, extend the maturity date, and provide the Company with improved terms, lower pricing and increased flexibility. Key changes include the following:
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Increased revolving credit availability to USD$250 million (from USD $150 million) with an accordion of USD $75 million (from USD $50 million)
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Elimination of the Company’s amortizing term loan
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The maturity date is now September 23, 2026
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No principal payments prior to maturity
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More flexible financial covenants and conditions related to size of permitted acquisitions
The increased facilities are intended to cover upfront working capital costs necessary to execute on the Company’s existing and potential future contracts, as well as provide increased flexibility to execute on the Company’s inorganic growth strategies.
The expanded syndicate of lenders consists of The Toronto-Dominion Bank, as sole lead arranger, National Bank of Canada, Comerica Bank, J.P. Morgan, Bank of Montreal, Canadian Imperial Bank of Commerce and Royal Bank of Canada.
Investor Contact: Chris Bitsakakis, President or Gren Schoch, CEO at 905-751-1188.