On June 1, 2022, the Company entered into a new agreement with its lender, establishing a $10.0 million revolving operating facility. The credit facility allows Clearview to repay its Export Development Canada Guarantee (“EDC”) loan prior to the end of the term, thereby reducing interest costs on the principal amount by approximately one percent and eliminating certain provisions in the lending agreement which restricted the use of funds. The next credit review is scheduled for June 30, 2023 by which time the Company’s current plans would see the elimination of all its bank debt.
“We are pleased to see ATB providing us with the credit capacity to repay the $6.25 million term loan backed by the EDC, while at the same time continuing to support our planned capital program”, commented Tony Angelidis, Clearview’s CEO.