Case Summary: Petrowest

Petrowest

$47.9 million term loan

Overview

Western Canadian based construction company.

Provides road building and infrastructure services municipalities and to companies in the oil and gas, energy services and forestry industries.

Challenge

The company's existing term loan was managed in the special assets group of a major Canadian bank.

A new facility was needed to pay off the existing lender and to provide incremental liquidity for capital expenditures.

Solution

Crystal co-agented a $42.8 million 1st lien term loan secured by machinery and equipment, spare parts inventory and all other non-current assets.

A $5.1 million delayed draw term loan was also provided to finance additional equipment needs.

“We are very pleased with the creativity and flexibility of the Crystal Financial team. It is a welcome change to be working with financial partners who take the time to understand our business and our financing needs.”
Rick Quigley, President and CEO