AirBoss Secures US$180-Million Senior Credit Facilities With TD Bank, CIBC

On December 2, 2024, AirBoss of America Corp. (TSX: BOS) (OTCQX: ABSSF), a manufacturing company focused on advanced rubber compounding and related markets, entered into new senior secured credit facilities totalling $180 million (all figures USD) to replace its prior senior secured revolving credit facilities.

These facilities include a revolving asset-based loan co-arranged by the Toronto-Dominion Bank (TD Bank) and Canadian Imperial Bank of Commerce (CIBC), with commitments expected to reach $125 million once fully syndicated, and a $55-million non-revolving term loan provided by Great Rock Capital Partners, LLC. Both facilities will mature on November 29, 2027.

The new credit facilities include key terms such as reduced maximum applicable margins on revolving debt, dividend increases contingent on meeting specific financial conditions, and covenants tied to adjusted EBITDA, liquidity and annual capital expenditures.

Aird & Berlis advised TD Bank and CIBC on the structuring and execution of the credit arrangement with a team led by Kyle Plunkett and including Robb English, Jacqueline Goslett, Kanika Sharma, Jenaya McLean and Mistrale Lepage-Chouinard (Financial Services).