(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.
