Clearford Water Systems is taking out two new loans worth a total of US$2 million as it looks to strengthen its balance sheet, fund capital expenditures and pay down existing debt.
The Ottawa-based water solutions company said earlier this week the new loans are valued at US$1 million each and carry an interest rate of 9.75 per cent.
Clearford said the new loans will help it manage its debt as it transitions to a full-service water solutions company that provides wastewater management and disinfectant systems. The firm first announced its plan to become a full-service utility through acquisitions back in 2017.
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Even in uncertain economic times, you can take this to the bank. The most successful companies are those with the highest employee engagement. That’s why the Ottawa Business Journal and
The company said previously it has launched a review of “potential strategic alternatives” available to the firm. It said this week the process was ongoing and no new information was available.
Clearford reported revenues of $14.7 million for the 2020 fiscal year ending Dec. 31, up from $12.8 million the year before. The company posted a net loss of $8.9 million last year, down from $13.3 million in 2019.
