Black Diamond Group expands credit facility to $550 million

Black Diamond Group Limited (TSX: BDI, OTCQX: BDIMF) announced it has expanded its secured, asset-based, revolving credit facility to $550 million from $425 million, according to a company press release.

The Calgary-based industrial services and asset management company maintained its uncommitted accordion feature at $75 million. The interest rate pricing grid remains unchanged, and all major terms and conditions of the facility, including financial covenants, were carried forward without material changes.

"Upsizing our asset-based credit facility provides us with additional liquidity to continue pursuing our accretive growth objectives as we scale the business," said Toby LaBrie, Chief Financial Officer of Black Diamond.

Black Diamond operates two business units: Modular Space Solutions and Workforce Solutions. The company provides services in Canada, the United States and Australia.

The Modular Space Solutions unit operates through brands including BOXX Modular, CLM and Schiavi, maintaining a rental fleet of modular buildings for customers in construction, industrial, education, financial and government sectors.

The Workforce Solutions unit operates through Black Diamond Lodging and Accommodations, Royal Camp, Summit Camps and Primco Dene Royal Camp Services Limited Partnership. This division owns modular accommodation assets and provides catering and hospitality services to customers in resource, infrastructure, construction, disaster recovery and education sectors.

The company's Workforce Solutions unit also includes LodgeLink, a wholly owned subsidiary that operates a software platform for workforce travel and logistics across North America, Australia and the Asia-Pacific region.

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