CIBC Provides Empire Industries With New $13.5MM Debt Facility
Empire Industries announced that it executed a senior debt facility for a $10 million operating line and a $3.5 million term loan with CIBC. The new facility replaces the $6 million facility the group had in place with Canadian Western Bank.
“We are very pleased to establish a new relationship with CIBC. The $10 million operating revolver will improve the liquidity of the Group and thus allow for improved execution of its backlog, while the $3.5 million term loan will enhance the Group’s working capital position and provide the necessary funding for the Group to make certain key capital investments to improve its existing operations and enhance its capabilities moving forward” said Michael Martin, CFO of Empire.
Empire Industries manufactures specialized engineered products and sells these products domestically and in select international export markets.