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CIBC, HSBC to Increase Bri-Chem’s ABL to $90MM

November 21, 2013, 07:53 AM
Filed Under: Energy Services

Bri-Chem Corp., a leading North American wholesale distributor and manufacturer of oil and gas drilling fluids and steel pipe,has increased and extended its Asset Based Lending Facility ("ABL Facility") by $10 million from $80 million to $90 million with Canadian Imperial Bank of Commerce and HSBC Bank Canada. In addition to increasing the size of the ABL Facility, the term was extended from August 12, 2014 to August 12, 2016. The amended ABL Facility offers more favourable terms and interest rates and as well provides the Company with additional financial resources at cost efficient and flexible terms to support the Company's future growth.

"We are pleased with the increase and extension of our credit facility and appreciate the support and confidence of the financial institutions involved," said Don Caron, Chief Executive Officer of Bri-Chem. "Along with our strong cash flow, the amended credit facility provides Bri-Chem the ability to develop upon our business plan to further penetrate our rapidly expanding USA drilling fluids market segment."

Bri-Chem has established two primary segments of business through a combination of internal growth and acquisitions: Bri-Chem's Drilling Fluid Division is North America's largest independent wholesale supplier of drilling fluids for the oil and gas industry.

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