WINNIPEG, July 28, 2017 /CNW/ - Buhler Industries Inc. (Buhler Industries) is pleased to announce that it has entered into a new three-year credit facility with CIBC. The new asset-based lending facility has an authorized amount of $50,000,000 subject to a maximum draw and based on a borrowing base calculated as a percentage of eligible accounts receivable and inventory. The new credit facility replaces the Corporation's previously held credit facility which was paid out in its entirety on July 9, 2017.
The credit facility will be used to finance operations including investment in research and development and may be used, under certain conditions, for potential acquisitions. The facility is secured by a general security agreement and assignment of specific receivables and inventory in Canada and the United States.
About Buhler Industries
Buhler Industries is headquartered in Winnipeg, Manitoba, Canada and is a publicly traded Company on the TSX (TSX: BUI). The Company manufactures and distributes its product through several brand names including Versatile and Farm King. The Versatile line of equipment consists of tractors, sprayers, combines, tillage and air seeders. Farm King supplies augers, mowers, bale carriers, snowblowers, compact implements, sprayers, tillage and front end loaders. The Company has manufacturing facilities and warehouses in both Canada and the United States.
Trading symbol: BUI
SOURCE Buhler Industries Inc.
For further information: Willy Janzen, Chief Financial Officer, Phone: (204) 654-5718, E-mail: [email protected]