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.
OBJ360 (Sponsored)
Non-profit innovation: Taking risks and embracing failure
In the corporate world, failure, risk-taking and continuous improvement are often baked in the organizational culture. Importantly, non-profit organizations are not commercial businesses – nor should they be. The sector
Oakview Capital Inc. is the solid option for your real estate investment portfolio
You know a real estate investment is sound when your advisors put their own money behind it.
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.
