West 49 Inc., the Canadian action sports chain, has received a new senior secured asset-based credit facility from the Bank of Montreal. The three-year, Canadian$25 million (U.S. $23.7 mm) committed ABL Facility is structured for financing general operations and capital spending.
“We recently evaluated our capital alternatives and ultimately selected Bank of Montreal based on their understanding of our business and long-term objectives,” said Rhonda Biddix, Chief Financial Officer of West 49 Inc. “Increased availability and more competitive rates also factored into the decision. In short, we believe the new ABL Facility provides more liquidity and flexibility to support our long-term growth plans.”
The company has also announced that it has retired all of its previous credit facilities with CIBC. The amount outstanding prior to repayment was approximately C$4.8 million (U.S.$4.5 million).
