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PNC Canada, Others Increase Aveda Transportation’s ABL Facility

June 13, 2014, 07:53 AM
Filed Under: Transportation

Aveda Transportation and Energy Services Inc. announced that it has received commitment letters (the "Commitments") from a syndicate of lenders led by PNC Bank Canada Branch, and including Royal Bank of Canada, and another large institutional lender, pursuant to which the availability under its current asset based lending facility (the "Facility") will be increased from $75.0 million to between $115.0 to $125.0 million effective June 30, 2014. The Commitments are subject to customary conditions related to completion of appropriate legal documentation and due diligence. The Company will pay customary fees on closing.

"We have secured a series of increases to our senior credit facility as we have identified and acted on opportunities to grow our company, particularly in the United States," said Bharat Mahajan, Vice President, Finance and CFO of Aveda. "This latest increase provides us with access to capital that will allow us to act on an array of strategic growth initiatives both organic and acquisitive."

The Company is actively pursuing a number of acquisition opportunities along with several organic growth initiatives. Investors are cautioned that the ability of the Company to execute on any of these growth initiatives are subject to the risk factors outlined below.

Aveda provides specialized transportation services and equipment required for the exploration, development and production of petroleum resources in the Western Canadian Sedimentary Basin and in the United States of America principally in and around the states of Texas, Pennsylvania and North Dakota. Transportation services include both the equipment necessary to move the load as well as a trained, professional driver capable of securing, moving and manipulating the load at its origin and destination. Aveda's rental operations include the rental of tanks, mats, pickers, light towers and other equipment necessary for oilfield operations.

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