CALGARY, ALBERTA--(Marketwire - Jan. 7, 2013) - Black Diamond Group Limited ("Black Diamond" or the "Company") (TSX:BDI) is pleased to announce an increase in its credit facilities with its banking syndicate. Aggregate facilities in the amount of $145 million replace the previous $125 million in credit facilities. The Company has increased its Committed Revolving Operating facility to $15 million from $10 million, and has increased its Committed Capital Expenditure facility to $130 million from $115 million. The commitment periods for both facilities have been extended by two years to now mature December 31, 2015. These facilities are secured by substantially all of the assets of the Company and include customary terms and conditions. Financial covenants have been relaxed from that previously in place and the credit facilities' interest rates have been reduced in recognition of the Company's strong financial performance. The increase in the credit facilities is expected to be used to facilitate future growth initiatives of Black Diamond.
About Black Diamond
Founded in 2003, Black Diamond Group Limited is one of North America's fastest growing remote lodging, modular building and energy services companies. With its corporate head office located in Calgary, Black Diamond provides world-class services to a full spectrum of industries including oil and gas, mining, power, construction, engineering, military, government and education.
Through its wholly-owned subsidiaries, Black Diamond Limited Partnership, BOXX Modular Inc. and through its 50% equity participation in the Black Diamond Dene Limited Partnership, Black Diamond West Moberly Limited Partnership, and Black Diamond Nehiyawak Limited Partnership, Black Diamond operates four complementary divisions in thirteen strategic locations across Canada and the USA.
Black Diamond Camps rents and sells remote workforce housing and provides associated services; Black Diamond Logistics provides turnkey lodging services, remote facility management and supply chain solutions; BOXX Modular specializes in renting and selling a broad range of modular work space solutions and Black Diamond Energy Services rents and sells a complement of oilfield equipment and services.