Mr. Dustin Haw reports
TERRAVEST ANNOUNCES NEW CREDIT FACILITY
TerraVest Industries Inc. has entered into a new credit facility with a syndicate of lenders comprising Desjardins Capital Markets acting as sole lead arranger and bookrunner, National Bank of Canada, Bank of Nova Scotia, and the Business Development Bank of Canada.
The credit facility consists of a $310-million revolving credit facility, maturing in three years and secured by the assets of the company's HVAC (heating, ventilation and air conditioning) equipment and compressed gas equipment divisions. This credit facility replaces the company's existing credit facility with Desjardins of $130-million.
Dustin Haw, chief executive officer of TerraVest, commented, "This new credit facility provides our company with additional balance sheet flexibility, and positions us well to continue to invest in and enhance our existing portfolio businesses, and pursue our long-term acquisition strategy."
"We would like to thank Desjardins for their continued support and commitment over the years, and looking forward we are excited to have the additional support of National Bank, Scotia and BDC," stated Charles Pellerin, executive chairman, and Mr. Haw.
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