Business Services Industry
Commercial Consolidates Banking and Debt Facilities.
Canadian Corporate News, April, 2007
EDMONTON, ALBERTA, Apr 20, 2007 (CCNMatthews via COMTEX) -- Commercial Solutions Inc. ("Commercial" or the "Company") (TSX:CSA) today announced that it has consolidated its banking arrangements and completed a new debt facility ("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...
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