Buhler Industries Announces New $15M Mortgage Financing and Renewal of $60M Credit Facility

(TSX:BUI)

WINNIPEG, MB, Nov. 17, 2020 /CNW/ - Buhler Industries Inc. (Buhler Industries) is pleased to announce today the closing of a $15M mortgage with CIBC and guaranteed in part by EDC.   The mortgage has a seven year amortization and is backed by property.  The mortgage has a two year term to coincide with the Buhler Industries credit facility. This financing is in addition to the recent two year renewal of the $60M asset-based lending facility (ABL) with CIBC.  The ABL is subject to a maximum draw and based on a borrowing base calculated as a percentage of eligible accounts receivable and inventory. The mortgage and line of credit support the ongoing operations and growth of both the Versatile and Farm King brands. Under the terms and conditions of the agreement, the Company may take advantage of the credit facility and drawdown funds depending on its financial position. 

Buhler Industries is headquartered in Winnipeg, Manitoba, Canada and is a publicly traded Company on the TSX (TSX: BUI). The Company manufactures and distributes its product through several brand names including Versatile and Farm King. The Versatile line of equipment consists of tractors and tillage. Farm King supplies augers, mowers, bale carriers, snowblowers, compact implements, and tillage. The Company has manufacturing facilities and warehouses in both Canada and the United States.

SOURCE Buhler Industries Inc.