Canadian manufacturer Brampton Brick completes $40M financing
Brampton Brick Ltd said today that it has completed a new $40 million long-term financing which was already announced previously, according to 4 Traders.
A portion of the said sum was used to repay a term loan amounting to $22.5 million and around $3.5 million in interest payments. The firm will use around $12 million to $14 million to help purchase the Atlas Block assets. Should there be any balance of the loan, it will be used for general corporate purposes, the report detailed.
This financing transaction expected to be completed on January 6, 2014. The term of the loan is nine years. This includes interest payments for the first year only, the report stated.
The loan is mainly secured by real estate and production equipment of the firm's Masonry Products and Landscape Products business arms in Canada and the US. HSBC Bank Canada will provide financing for the said loan, 4 Traders reported.