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


TD Bank Provides $7.8MM in Financing Facilities to Tornado Global Hydrovacs

July 15, 2021, 07:35 AM
Filed Under: Manufacturing

Tornado Global Hydrovacs entered into a $3,000,000 revolving operating line of credit and a $4,875,000 term loan with The Toronto-Dominion Bank (“TD”). A portion of the TD Facility will be used to repay the balance of a non-interest bearing vendor take-back mortgage secured against the Company’s facility located in Red Deer, Alberta and the balance of the TD Facility will be used for general working capital purposes.

Under the conditions of the agreement governing the TD Facility, the Operating Line bears interest at a floating rate equal to the prime rate per annum established by TD, currently at 2.45%, plus 0.75%. Repayments under the Operating Line will be made on demand. In addition, the Term Loan bears interest at a fixed rate of 2.83%, with advances repayable, together with interest, on a monthly basis until maturity.

The TD Facility is secured by a first-ranking security interest in all of the present and future undertakings, property and assets of the Company and its subsidiary, Tornado Global Hydrovacs (North America) Inc., and a first-ranking mortgage charge on the Red Deer Facility.

“The TD Facility greatly improves our working capital which will be required to finance an increasingly robust outlook for demand to purchase Tornado hydrovacs,” said CEO Bill Rollins. “This financing facility is a follow-on initiative to the recent announcement where we significantly strengthened our executive management team by adding Brett Newton as President & COO. Brett’s 20 years of experience in the hydrovac industry is expected to also contribute to our bullish outlook for demand for Tornado hydrovacs.”

Comments From Our Members

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