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Bri-Chem Closes Refinancing of Its Subordinated Debt and Amendments to Its Senior Banking Facility

Bri-Chem Closes Refinancing of Its Subordinated Debt and Amendments to Its Senior Banking Facility

BRI-Chem完成次級債務再融資和高級銀行安排修正案
newsfile ·  2022/05/10 09:12

Edmonton, Alberta--(Newsfile Corp. - May 10, 2022) - Bri-Chem Corp. (TSX: BRY) ("Bri-Chem" or "Company"), a leading North American oilfield chemical distribution and blending company, is pleased to announce that it has reached an agreement with Canadian Western Bank ("CWB") to refinance its current subordinated debt loan with a new 20 year mortgage term loan. The financing consists of a $6 million term loan with monthly blended payments of principal and interest each in an amount sufficient to amortize the loan, at the interest rate of 5.10%, over a 20 year period. The interest rate is fixed for a 5 year period and subject to renewal thereafter. Additionally, the Company has also entered into an amending agreement with the Canadian Imperial Bank of Commerce ("CIBC"), to amend its senior credit facilities ("ABL Facility") which includes a new inter-lender agreement between CIBC and CWB and provision to have a fixed charge coverage ratio covenant starting effective in fiscal 2023. The ABL Facility is now committed until October 31, 2024.

艾伯塔省埃德蒙頓-(Newsfile Corp.-2022年5月10日)-BRI-Chem Corp.(多倫多證券交易所:Bry)(“Bri-Chem”或“Company”),北美領先的油田化學品分銷和混合公司CWB很高興地宣佈,它已與加拿大西部銀行(“CWB”)達成協議,通過一筆新的20年期抵押貸款為其目前的次級債務貸款進行再融資。融資包括一筆600萬美元的定期貸款,每月混合支付本金和利息,金額足以在20年內按5.10%的利率攤銷這筆貸款。利率是固定的,為期5年,此後可以續期。此外,本公司亦已與加拿大帝國商業銀行(“加拿大帝國商業銀行”)訂立修訂協議,以修訂其高級信貸安排(“ABL貸款”),其中包括加拿大帝國商業銀行與加拿大帝國商業銀行之間新的貸款人間協議,以及自2023財年起生效的固定費用覆蓋比率契約條款。ABL設施現在承諾到2024年10月31日。

Don Caron, Chief Executive Officer of Bri-Chem, commented, "We are extremely pleased with the new mortgage term loan with CWB as we have replaced an 11% interest sub debt loan with a longer term 5.10% interest term loan. The interest and principal savings for us will amount to approximately $1M per annum which will considerably strengthen our financial position and provide us additional free cash flow to take advantage of the increased drilling activity due to the recent surge in commodity prices."

Bri-Chem首席執行官Don Caron表示:“我們對與CWB簽訂的新按揭定期貸款感到非常滿意,因為我們已將11%的利息次級債務貸款替換為5.10%的較長期利息貸款。我們每年節省的利息和本金約為100萬美元,這將大大加強我們的財務狀況,併為我們提供額外的自由現金流,以利用最近大宗商品價格飆升帶來的鑽探活動增加的機會。”

About Bri-Chem

關於Bri-Chem

Bri-Chem has established itself, through a combination of strategic acquisitions and organic growth, as the North American industry leader for wholesale distribution and blending of oilfield drilling, completion, stimulation and production chemical fluids. We sell, blend, package and distribute a full range of drilling fluid products from 25 strategically located warehouses throughout Canada and the United States. Additional information about Bri-Chem is available at or at Bri-Chem's website at .

通過戰略收購和有機增長的結合,BRI-Chem已成為北美油田鑽井、完井、增產和採油化學液批發分銷和混合的行業領先者。我們在加拿大和美國的25個戰略倉庫銷售、混合、包裝和分銷全系列鑽井液產品。有關Bri-Chem的更多信息,請訪問或訪問Bri-Chem的網站:。

To receive Bri-Chem news updates send your email to ir@brichem.com.

要接收Bri-Chem新聞更新,請發送電子郵件至ir@brichem.com。

For further information, please contact:

如需更多信息,請聯繫:

Tony Pagnucco CPA, CA
Bri-Chem Corp.
CFO
T: (780) 571-8587
E: tpagnucco@brichem.com

Tony Pagnucco註冊會計師,加利福尼亞州
BRI-Chem Corp.
首席財務官
T: (780) 571-8587
電子郵件:tpagnucco@brichem.com

Forward-Looking Statements

前瞻性陳述

Certain statements contained in this press release constitute forward-looking information or forward-looking statements (collectively, "forward-looking statements"). These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking statements and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.

本新聞稿中包含的某些陳述構成前瞻性信息或前瞻性陳述(統稱為“前瞻性陳述”)。這些陳述與未來的事件或未來的表現有關。使用“可能”、“打算”、“預期”、“相信”、“將會”、“預計”、“估計”以及與非歷史事實有關的類似表述和陳述,旨在識別前瞻性陳述,並基於公司對此類未來事件的結果和時機的當前信念或假設。未來的實際結果可能會有很大不同。

Although the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. By their nature, such forward-looking statements are subject to various risks and uncertainties, which could cause actual results to differ materially from the anticipated results or expectations expressed herein. These risks and uncertainties, include, but are not limited to general economic conditions, prevailing and anticipated industry conditions, access to debt and equity financing on acceptable terms, levels and volatility of commodity prices, market forces, ability to obtain equipment from suppliers, ability to obtain and retain skilled personnel, competition from other industry participants and regulatory conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release or otherwise. Except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

儘管公司認為這些前瞻性陳述所基於的預期和假設是合理的,但不應過分依賴這些前瞻性陳述,因為公司不能保證它們將被證明是正確的。就其性質而言,此類前瞻性陳述會受到各種風險和不確定因素的影響,這些風險和不確定性可能會導致實際結果與本文所表達的預期結果或期望大不相同。這些風險和不確定性包括但不限於一般經濟條件、當前和預期的行業條件、以可接受的條件獲得債務和股權融資的機會、商品價格的水平和波動、市場力量、從供應商那裏獲得設備的能力、獲得和留住技術人員的能力、來自其他行業參與者的競爭和監管條件。告誡讀者不要過度依賴這些前瞻性信息,這些信息是在本新聞稿或其他情況下表達的。除非適用法律另有要求,否則公司不承擔公開更新或修改任何前瞻性陳述的義務,無論是由於新信息、未來事件或其他原因。本文件中包含的前瞻性陳述明確受此警告性聲明的限制。

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