Clearford Water Systems is taking on two new loans worth a total of US$4.275 million in a bid to strengthen its balance sheet.
The Ottawa-based water solutions company said earlier this week the new loans are valued at US$2.375 million and US$1.9 million 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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World Junior Championships set to boost Ottawa’s economy and global reputation
The World Junior Championships will kick off in Ottawa in December, bringing tens of millions of dollars of economic activity to the city, as well as a chance for local
World Junior Championships set to boost Ottawa’s economy and global reputation
The World Junior Championships will kick off in Ottawa in December, bringing tens of millions of dollars of economic activity to the city, as well as a chance for local
The company said this week its board of directors had previously launched a review of “potential strategic alternatives” available to the firm, adding 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.
