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Nordex Explosives Ltd. Announces Increased Credit Facilities and Consolidation of High Interest Debt With the Royal Bank of Canada
KIRKLAND LAKE, ONTARIO--(Marketwired - Feb. 27, 2015) - NORDEX EXPLOSIVES LTD. ("Nordex" or the "Corporation") (TSX VENTURE:NXX) is pleased to announce it has entered into agreements with the Royal Bank of Canada ("RBC") to provide Nordex with increased credit facilities.
The credit facility available to Nordex in January of 2014 was up to Cdn $2,200,000 which included an operating line and/or letters of credit of up to Cdn $1,200,000 and a second facility for revolving term loans of up to Cdn $1,000,000.
Under the terms of the new agreements the facility for operating lines and/or letters of credit have been increased from Cdn $2,200,000 to Cdn $3,000,000 and the revolving credit facilities are increased from Cdn $1,550,000 to Cdn $1,750,000.
In addition, RBC has agreed to consolidate Cdn $1,100,000 of long term higher interest debt previously secured by other lenders. The consolidation loan is amortized over a 4 year period at an interest rate of 3.59%. The new consolidation loan with RBC will accelerate payment of this debt and result in interest payment savings of Cdn $81,882 per year.
Jim Taylor, President and CEO of Nordex stated, "The increase in credit facilities to us at more favourable rates reflects our ongoing North American growth strategy and increased confidence in our ability to achieve our goals and objectives."
About Nordex Explosives
Nordex Explosives Ltd. is a Canadian based manufacturer and distributor of explosives for the mining, quarry and construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario. Nordex is the exclusive supplier of the "Buttbuster" perimeter control explosive products in Canada. Additional information can be found at www.nordexexplosives.com.
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
