HSBC Provides Lonestar $12.7MM Credit Facility
Lonestar West announced that, effective October 16, 2013, it entered into three new credit facilities with HSBC Bank Canada. The facilities provide Lonestar with an aggregate of $12.7 million in available capital.
The purpose of the facilities is to assist Lonestar in completing acquisitions, financing capital expenditures for additional equipment and other general corporate purposes.
The facilities are secured by all of the assets of Lonestar and unlimited guarantees of its subsidiaries. The operating facility shall be repaid upon demand made by HSBC and bears interest at a rate of HSBC Prime Rate plus 1%.
“We are extremely pleased to be working with HSBC going forward,” said James Horvath, president and CEO of Lonestar West. “These facilities allow Lonestar further flexibility in our continued growth planned throughout Canada and the United States.”
Lonestar West operates a fleet of 63 HVAC and vacuum trucks throughout Western Canada and the U.S. from its base in Sylvan Lake, Alberta, Canada.