Western distributor arranges financing for future growth
Edmonton, AB -- Commercial Solutions Inc. has consolidated its banking arrangements and completed a new debt facili...
Edmonton, AB — Commercial Solutions Inc. has consolidated its banking arrangements and completed a new debt facility with CIBC.
The new consolidated Facility consists of a $25-million operating loan and a $10-million acquisition line with flexibility allowing it to increase with the growth of Commercial. The Facility replaces Commercial’s mix of operating loans, subordinated debentures and term loans provided by three separate financial institutions. Pricing for the Facility is at prime, with a sliding scale increase based on covenants.
“We are pleased to partner and consolidate our credit facilities with CIBC at an overall lower cost to Commercial,” commented president and CEO Jim Barker. “We thank Bank of Montreal, Roynat Capital Inc. and Bank of Montreal Capital Corp, for assisting Commercial with its growth over the past several years and we look forward to our new relationship with CIBC.”
Headquartered in Edmonton, Commercial is an independent industrial distributor with 40 services centres and about 400 employees located across Canada. Commercial offers more than 160,000 items critical to maintenance repair and operations (MRO) and original equipment manufacturer (OEM) customers.
The Company represents 450 manufacturers and serves over 11,000 customer accounts within a broad cross-section of industries. For further information, visit www.commercialsolutions.ca.