WesternOne Inc. announced that it has completed the closing of the new three-year $35 million secured asset-based revolving credit facility with Canadian Imperial Bank of Commerce, as previously announced on November 13, 2017.
In conjunction with the closing, WesternOne drew funds under the ABL Facility to fully repay the outstanding balance of the previous $20 million demand facility. At closing, WesternOne's senior bank indebtedness, net of cash on hand, was $7.0 million.