(TSX: BUI)
WINNIPEG, MB, Aug. 14,
2024 /CNW/ - Buhler Versatile Inc. ("Versatile"), a
wholly owned subsidiary of Buhler Industries Inc. (Buhler
Industries or the Company), is pleased to announce that is has
entered into a new $45 million credit
facility with Farm Credit Canada (FCC).
Under the terms of the agreement, FCC will provide a
$35 million dollar mortgage to Buhler
Industries. The Company has already drawn $25 million to repay its line of credit of
$25 million with CIBC in July.
A further draw of $10 million is for
operations and/or the repayment of related party debt. The
mortgage is amortized over a 15-year term and has no principal
repayment in the first year.
In addition to the mortgage above, FCC will provide a
$10 million revolving loan to the
Company for investment in capital expenditures.
The Company continues to negotiate additional credit facilities
and expects to close on the credit facilities by the end of the
year.
About Buhler Industries
Buhler Industries is
headquartered in Winnipeg, Manitoba,
Canada and is a publicly traded Company on the TSX (TSX:
BUI). The Company manufactures and distributes its product through
several brand
names including Versatile and Farm King. The Versatile line of
equipment consists of tractors and tillage. Farm King supplies
augers, mowers, bale carriers, snowblowers, and compact implements.
The Company has manufacturing facilities and warehouses in both
Canada and the United States.
About FCC
FCC is proud to be 100% invested in Canadian agriculture and food.
The organization's employees are committed to the long-standing
success of those who produce and process Canadian food. FCC
provides flexible financing and capital solutions, while creating
value through data, knowledge, relationships and expertise. FCC
offers a complement of financial and non-financial products and
services designed to support the complex and evolving needs of the
industry. As a commercial Crown corporation, FCC is a stable
partner that reinvests profits back into the industry and
communities it serves. For more information, visit
fcc.ca.
Complete financial
statement: http://www.buhlerindustries.com/pages/investors.php
Trading symbol: BUI
Forward-looking statements: Certain statements made above
contain forward-looking statements including, but not limited to,
statements concerning possible or assumed future results of
operations of the Company. Forward-looking statements represent the
Company's intentions, plans, expectations and beliefs, and are
not guarantees of future performance. Such forward-looking
statements represent Buhler Industries current views based on
information as at the date of this report. They involve risks,
uncertainties and assumptions and the Company's actual results
could differ, which in some cases may be material, from those
anticipated in these forward-looking statements. Factors that could
cause results to differ from those expected include, but are not
limited to: the terms, availability and costs of acquiring raw
materials and the ability to pass on price increases to customers;
ability to negotiate contracts with new customers or renew existing
customer contracts with less favorable terms; timely response to
changes in customer product needs and market acceptance of our
products; the potential loss of business or increased costs due to
customer or vendor consolidation; competitive pressures, including
new product development; industry capacity, and changes in
competitors' pricing; ability to maintain or increase productivity
levels; ability to contain or reduce costs; foreign currency
exchange rate fluctuations; changes in governmental regulations,
including environmental, health and safety; changes in Canadian and
foreign income tax rates, income tax laws and regulations. Unless
otherwise required by applicable securities law, Buhler Industries
disclaims any intention or obligation to publicly update or revise
this information, whether as a result of new information, future
events or otherwise. The Company cautions investors not to place
undue reliance upon forward-looking statements.
SOURCE Buhler Industries Inc.