Diamond Estates Wines & Spirits created a new partnership with Canadian Imperial Bank of Commerce (CIBC) in which CIBC replaced Meridian Credit Union as the company’s commercial banker and increased the company’s credit facility by $1.5 million to $4.5 million.

The interest rate is prime plus 1.25%, a decrease of 0.75% from the previous facility.

Diamond Estates Wines and Spirits is a producer of wines and a sales agent for over 120 beverage alcohol brands across Canada.