WesternOne announced that, effective August 5, 2015, that it entered into an amended and restated facility letter with its senior lender, under which the Bank provided a term credit facility with an aggregate value of $80.0 million. The Term Credit Facility comprises a $30.0 million revolving operating line and a $50.0 million revolving capital expenditure facility which was increased from $41.5 million under the previous ‘on-demand' credit facility. The Term Credit Facility will mature on October 1, 2017.

A general security agreement providing a charge over all assets of the Company has been provided as collateral to the Bank. Pursuant to the Amended Facility Letter, the Bank also extended a demand bank guarantee facility with an authorized limit of $15.0 million for advance payment, performance and warranty guarantees as required. On the Effective Date, the operating loans, capital loans and standby bank guarantee facility under the Demand Credit Facility were refinanced by the Term Credit Facility and the Bank Guarantee Facility.

The company also fully repaid the previous $25.0 million non-revolving acquisition facility using cash on hand. The Term Credit Facility carries interest at either prime rate plus 2.25% or banker's acceptance rate plus 3.5% until October 31, 2016, after which the margin will be determined based on the ratio of Senior Debt to EBITDA. The margins range from 0.75% to 2.25% for prime-based borrowing, and range from 2.0% to 3.5% for banker's acceptance-based borrowing.

The Bank Guarantee Facility carries interest at 3.0%.