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CIBC Inks New Mortgage Financing, Renewal of $60M Credit Facility for Buhler Industries

November 18, 2020, 09:04 AM
Filed Under: Industry News
Related: CIBC

Buhler Industries Inc. (Buhler Industries) announced the closing of a $15M mortgage with CIBC and guaranteed in part by EDC.  The mortgage has a seven year amortization and is backed by property.  The mortgage has a two year term to coincide with the Buhler Industries credit facility. This financing is in addition to the recent two year renewal of the $60M asset-based lending facility (ABL) with CIBC. The ABL is subject to a maximum draw and based on a borrowing base calculated as a percentage of eligible accounts receivable and inventory. The mortgage and line of credit support the ongoing operations and growth of both the Versatile and Farm King brands. Under the terms and conditions of the agreement, the Company may take advantage of the credit facility and drawdown funds depending on its financial position.

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