Grande West Transportation has announced that it has secured a new credit facility for up to $20 million CAD ($15.62 million USD).
The Royal Bank of Canada is providing a revolving credit loan for up to $20,000,000 in Canadian dollar Prime Rate loans, US Base Rate loans, Letters of Credit and Letters of Guarantee. The credit facility will be used to refinance certain outstanding indebtedness, ongoing working capital requirements and retires the Company’s current $4.3 million USD credit facility.
William Trainer, Grande West CEO stated, “We are fortunate and excited to be working with Royal Bank as the Company enters a new phase of production and expansion. This new credit facility significantly reduces pressure on our ongoing working capital requirements and allows us to continue our strong growth profile with cost-effective and flexible financial terms. Royal Bank has been great to work with and has provided the right facility that will grow with our business to best ensure Grande West’s success.”
PricewaterhouseCoopers has been engaged as its auditor and financial consultant to further assist with continued growth and broader international operations.
Yves Devin has resigned from the board of directors in order to spend more time with his family and pursue personal interests. Management sincerely thanked Devin for his many contributions to Grande West over the years and wished him all the best in his future endeavors.
