CEMATRIX Corporation has announced that it has entered into a new credit facility that provides for a US$5 million secured revolving operating line with the Canadian Imperial Bank of Commerce. The credit facility is undrawn as of today’s date.
“We are very pleased to partner with CIBC. CIBC is a leading North American financial institution with banking operations in both Canada and the USA to help support CEMATRIX. Our new credit facility strengthens our financial foundation and flexibility,” said Randy Boomhour, CFO at CEMATRIX. “This new credit facility will be used for working capital purposes to help enable CEMATRIX to continue to grow its sales throughout North America.”
“CEMATRIX continues to generate revenue throughout Canada and the U.S. CEMATRIX continues to grow its sales pipeline and backlog during a very difficult COVID affected construction market,” said Jeff Kendrick, CEO at CEMATRIX. “This new Credit Facility and banking arrangement with the CIBC is an important milestone that reflects these achievements and provides CEMATRIX with additional financial backing as the market returns to pre-COVID level market conditions and the Company considers other growth opportunities.”
Read the article online at: https://www.worldcement.com/europe-cis/08022022/cematrix-corporation-enters-into-new-credit-facility/