Daily News: November 5, 2018

Bank of Montreal Agents $7.6MM ABL Agreement for ClearStream

ClearStream Energy Services entered into a second amended and restated asset-based lending credit agreement with Bank of Montreal as administrative agent. The new credit agreement amends and replaces the company’s prior asset-based lending credit agreement from January 16, 2018.

The new agreement provides a new C$10 million ($7.636 million) non-revolving term credit facility to ClearStream subsidiary ClearStream Energy Holdings. The proceeds will be used to reduce the outstanding amount of the revolving facility under the new agreement and for certain fees and expenses associated in connection with said agreement.

The term facility will mature on the earlier of (i) 180 days following the maturity date of the revolving facility under the new credit agreement; (ii) September 30, 2020; and (iii) the date on which the term facility is terminated earlier pursuant to the terms of the new credit agreement. The other covenants, terms and conditions under the new agreement remain substantially unchanged from the prior agreement.

ClearStream provides solutions to the Energy and industrial markets including: oil & gas, petrochemical, mining, power, agriculture, forestry, infrastructure and water treatment. It has offices located across Canada and over 3,000 employees.