FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / Articles / Read Article


HSBC Canada Leads Syndicated $70MM Financing for Vertex Resource Group

Date: May 14, 2018 @ 07:00 AM
Filed Under: Environmental Services

Vertex Resource Group Ltd. announced that it has entered into an agreement with a syndicated group of senior lenders led by HSBC Bank Canada, under which the Lenders have agreed to provide Vertex with $70 million senior secured credit facilities for a three-year term. In addition to the Senior Secured Facilities this agreement provides for an additional $20 million accordion facility available to support future growth initiatives of the Company. All loans are being provided in Canadian dollars and come with customary covenant terms.

The Facilities will replace existing credit facilities and support the Company's ability to capitalize on both organic and acquisition opportunities as they arise while maintaining a prudent approach to leverage. It is anticipated, starting in 2019, that the refinancing will reduce the Company's overall interest rate and expense, resulting in annual cost savings of approximately $2 million.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.