OAKVILLE, ON, Feb. 27, 2012 /CNW/ - Vicwest Inc. (the "Company") (TSX:
VIC, VIC.DB) today reported that its wholly owned subsidiary, Vicwest
Corporation, has entered into a $100 million revolving credit facility,
inclusive of a $10 million swing line, led by National Bank Financial
with participation from National Bank of Canada, HSBC Bank of Canada,
Royal Bank of Canada, Business Development Bank of Canada and Export
Development Canada. This new agreement replaces a $65 million credit
The term of the new credit facility extends until December 30, 2015, and
will be available to finance future acquisitions, capital expenditures
and working capital. The interest cost of the new facility is based on
certain financial ratios and varies in accordance with borrowing rates
in Canada and in the United States.
In announcing the agreement, Colin Osborne, President and Chief
Executive Officer said: "The proactive renewal of our bank credit
facility for a longer term and for a higher amount supports our ongoing
business growth and will enable us to pursue the many market
opportunities available for our expanding product solutions. We are
very pleased to partner with the members of this syndicate, outstanding
financial institutions who understand and support our domestic and
international growth strategies."
"The terms of our new arrangement are substantially more competitive
than our prior credit facility," added Kent Harris, Chief Financial
Officer, "and as such we have enhanced our financial flexibility at
lower overall cost to the business."
ABOUT VICWEST INC.
Vicwest Inc. is a leading manufacturer and distributor of building
construction products, and steel containment products for agricultural
grain, fertilizer and liquid storage. Through its Vicwest Building
Products division, the Company fabricates and markets metal roofing,
siding and other metal building products under the trade names Vicwest,
Mercury Metals, Valley Truss & Metal, RCA Metal and AWIP-Vicwest USA.
The Company's Westeel Storage Solutions division manufactures storage
solutions for agricultural grain and fertilizer, as well as liquid
storage tanks and accessories. These products are manufactured and
distributed under the trade names Westeel, Northern Steel Industries
and NSI. Through a global alliance, Westeel distributes Buhler
Industries-manufactured grain handling equipment in Canada under the
Westeel brand while Buhler Industries markets and sells
Westeel-manufactured products through its US distribution network. In
Canada, Westeel also represents Skandia, Europe's most advanced
elevator and conveyor grain handling systems.