Black Diamond Group Announces Extension and Expansion of Asset-Based Credit Facility
Summary
All other major terms and conditions of the Facility, including financial covenants, are carried forward and not materially affected by the extension and expansion. As before, Black Diamond is required to maintain a Fixed Charge Coverage Ratio of 1.1:1; however this covenant is only tested under certain circumstances, including when over 90% of the Facility is drawn.The use of the asset-based credit facility has been instrumental in providing the necessary liquidity and flexibility to continue growing our specialty rental and industrial services businesses over the past six years, said Trevor Haynes, Chief Executive Officer of Black Diamond. This extension and expansion underpins our continued commitment to executing our ambitious plans in line with our long range strategies to further compound our profitable growth and diversify and scale all areas of our business.Black Diamond is a specialty rentals and industrial services company with two operating business units - MSS and WFS. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law.