Under the terms of the credit facility, the secured debt financing will be provided at a rate of interest expected to average in the mid-to-high 5% per annum range over its three-year term. The loans also included an uncommitted option to increase the facility by up to C$135 million ($102.8 million).
Both loans will mature in 2022.
Canadian Imperial Bank of Commerce acted as sole bookrunner, co-lead arranger and administrative agent on the facility, while Bank of Montreal acted as co-lead arranger and syndication agent.
The loans will be used to fund expansion and improvement projects and provide working capital.