Diamond Estates Wines & Spirits closed a new credit facility with the Bank of Montreal.

The new credit agreement provides Diamond Estates and its subsidiaries with a total of up to $30 million, including a $13 million revolving credit facility with a $2 million accordion feature.

The revolver and the term loan mature in three years. The company retired a total of $18.5 million in revolving and term debt that was outstanding under loans from CIBC and Meridian Credit Union.

Diamond Estates expects the new financing to result in annualized interest savings of approximately $108,000.

“Bank of Montreal has just made a very strong show of support for Diamond Estates and our growth strategy,” said Murray Souter, president and CEO. “With the financial capacity provided by these new credit facilities, we are well positioned to continue to execute against our plan.”