VANCOUVER, Nov. 21, 2017 /CNW/ - WesternOne Inc. ("WesternOne") (Toronto Stock Exchange: WEQ and WEQ.DB) today announced that it has completed the closing of the new three-year $35 million secured asset-based revolving credit facility (the "ABL Facility") with Canadian Imperial Bank of Commerce ("CIBC"), as previously announced on November 13, 2017.
In conjunction with the closing, WesternOne drew funds under the ABL Facility to fully repay the outstanding balance of the previous $20 million demand facility. At closing, WesternOne's senior bank indebtedness, net of cash on hand, was $7.0 million.
WesternOne Inc. seeks to acquire and grow businesses in the construction and infrastructure services sectors in Western Canada. Its primary business platform, WesternOne Infrastructure Services, is a leading provider of construction heat services and aerial equipment rentals to businesses in the construction, infrastructure, film and television industries in Western Canada.
Toronto Stock Exchange: WEQ and WEQ.DB
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SOURCE WesternOne Inc.
For further information: For investor relations information, please contact: Andrew Greig, Manager of Investor Relations, WesternOne Inc., Suite 910, 925 West Georgia Street, Vancouver, BC V6C 3L2, Phone: (604) 678-4042, E-mail: firstname.lastname@example.org
WesternOne seeks to acquire and grow businesses in the construction and infrastructure services sectors in order to generate value for its shareholders.