Latest news from Heavy Lift & Project Forwarding International Magazine

ENTREC fixes funds

March 7 - ENTREC Corporation has closed a new USD240 million senior secured asset-based credit facility, the ABL Facility, with a syndicate of lenders led by Wells Fargo Capital Finance Corporation Canada.

The syndicate of lenders also includes The Bank of Nova Scotia, Canadian Western Bank, The Toronto-Dominion Bank, and National Bank of Canada.

The ABL Facility replaces ENTREC's previous senior debt facilities and will be used to fund future capital expenditures and business acquisitions, as well as for general corporate purposes.

The facility has a five year term and requires payment of interest only. Amount borrowed bear interest, at ENTREC's option, at bank prime or bankers' acceptance rates, plus a credit spread based on a sliding scale.

The amount available under the ABL Facility is calculated monthly based upon a specified percentage of eligible equipment and trade accounts receivable, less applicable reserves. ENTREC currently has excess borrowing capacity of approximately USD69 million available for use.

www.entrec.com

Heavy Lift | News

RWG expands in Hanoi  thumbnail image

RWG expands in Hanoi 

February 14 - Vietnam-based Red Wolf Global (RWG) has opened an office in Hanoi to serve the northern part of the country.
Views: 401
HTA adds training courses thumbnail image

HTA adds training courses

February 14 - The UK’s Heavy Transport Association (HTA) has launched two abnormal load escort training programmes.
Views: 459
ProLift acquires ARM thumbnail image

ProLift acquires ARM

February 14 - ProLift Rigging has acquired Advanced Riggers & Millwrights (ARM), a rigging and plant relocation company based in Riverside, California.
Views: 476

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