CALGARY, April 27 /CNW/ - HSE Integrated Ltd. ("HSE" or the "Company") is pleased to announce that effective immediately, the Company has entered into a new $15 million senior credit facility with ATB Financial, a regional financial institution with $27.2 billion in assets.
The facility consists of a $10 million operating revolving loan facility for general operating purposes and a $5 million non-revolving term loan facility. The term loan will be used to retire substantially all of HSE's existing bank indebtedness and has a four-year repayment amortization schedule. Based on the Company's December 31, 2009 balance sheet, the operating facility would only be drawn down by $300,000. Interest rates and fees are competitive.
David Yager, chairman and CEO, commented, "This new senior credit facility removes the last element of uncertainty associated with what we believe is an otherwise very strong balance sheet."
HSE is an integrated, national supplier of industrial Health, Safety and Environmental services. From its head office in Calgary, Alberta, it serves its clients from field service locations in Alberta, British Columbia, Saskatchewan, Ontario, Nova Scotia, New Brunswick, Newfoundland-Labrador and Michigan. HSE also operates in Texas through a jointly owned company called Boots & Coots HSE Services LLC. HSE trades on the TSX under the symbol "HSL".
HSE Integrated Ltd. trades on the TSX under the symbol "HSL".
SOURCE HSE Integrated Ltd.
For further information: For further information: David Yager, Chairman & CEO, Telephone: (403) 266-1833, E-Mail: firstname.lastname@example.org; Lori McLeod-Hill, Chief Financial Officer, Telephone: (403) 266-1833, E-Mail: email@example.com