WESTSHORE TERMINALS ANNOUNCES $165 MILLION CREDIT FACILITY

Executive Summary

• Westshore Terminals Investment Corp. (TSX: WTE) secured a $165 million revolving credit facility with RBC (lead arranger) and BNS, extending its existing financing capacity.
• The facility is available for general corporate purposes, including commitments to the potash project, and will step‑down to $100 million in 2028 and $50 million in 2029, maturing on Feb. 20 2030.
• The agreement includes a $15 million swingline facility, variable interest rates tied to CORRA/SOFR or Prime/Base Rate, and is secured by a $195 million debenture plus guarantees from the General Partner and the Corporation.

Key Details

• Facility Amount: $165 million (CAD), revolving operating loan; step‑down to $100 M on 31 Dec 2028 and $50 M on 31 Dec 2029.
• Swingline Facility: $15 million, available via Canadian Prime/US Base Rate loans and letters of credit.
• Term: Matures on 20 Feb 2030 (four‑year term from closing).
• Interest Rates:
• CAD borrowings – option of CORRA (+adjustment + 1.25%) or Prime + 0.25%.
• USD borrowings – option of SOFR (+adjustment + 1.25%) or Base Rate + 0.25%.
• Swingline letters of credit – rate = amount + 0.25%.
• Repayment: Interest‑only with bullet repayment at maturity; step‑down reductions as above.
• Fees: Standard upfront, standby and agency fees for a facility of this nature.
• Financial Covenant: Trailing 12‑month EBITDA ≥ $75 million; aggregate common‑share distributions in any four consecutive quarters may not exceed that EBITDA.
• Security: Secured by an existing $195 million debenture (fixed charge on all assets) and guaranteed by the General Partner and the Corporation (general security agreements creating fixed and floating charges).
• Use of Proceeds: General corporate purposes, including funding commitments related to Westshore’s potash project.
• Conditions Precedent: Customary conditions must be satisfied before any advances are made.

Notable Quotes

(No direct quotes were provided in the release.)