Black Diamond taps accordion, lifts credit facility to C$150 million

By Toni Weeks

San Luis Obispo, Calif., June 23 – Black Diamond Group Ltd. said it tapped the accordion feature on its senior secured syndicated credit facility, expanding it to C$150 million from C$145 million.

According to a press release, the previous credit facilities have been consolidated into one extendible revolving operating facility, which is committed on an interest-only basis until the April 30, 2018 maturity date.

In addition, financial covenants have been relaxed, and pricing has been amended to reduce borrowing costs.

The facility may be expanded up to C$250 million upon lender approval, the release said. If any portion of the C$100 million accordion is not provided by the lenders, the company may obtain the remaining amount from any third party, subject to some conditions.

The facility is secured by substantially all of the assets of the company and its material subsidiaries, the release noted.

The Calgary, Alta., company is a provider of modular accommodations and energy services in North America and Australia.

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