TD Bank, Others Provide $100 Million Revolver to Poseidon Concepts
Poseidon Concepts Corp. announced that it has entered into a new and increased $100 million two-year extendible revolving credit facility. The new facility is a senior secured revolving credit facility led by Toronto-Dominion Bank and including Bank of Nova Scotia, HSBC Bank Canada and National Bank of Canada.
The new facility also includes an annual provision for the company to request an extension to the two-year term. The increase in the amount of funds available under the new facility, combined with Poseidon’s strong current financial position and anticipated future cash flows, provides the company with considerable flexibility and working capital to execute on its ongoing growth plans and pursue additional market opportunities.
Poseidon Concepts is a Canadian energy equipment and services company that provides fluid storage and handling solutions to the oil and natural gas industries across North America.