ATB Backs Blackline Safety’s Transformative Tech
October 20 2022 - 09:17AM
Business Wire
Financial lender signals confidence in business with new $15
million credit facility to support flexibility and growth
Blackline Safety Corp. (TSX: BLN), a global leader in connected
safety technology, today announced the closing of its new,
previously reported, two-year $15
million senior secured operating facility (plus, accordion feature
to increase by $5 million) with ATB Financial. The new credit
facility replaces the company’s undrawn senior secured credit
facility with another lender that was mutually cancelled in August
2022.
"We look forward to a long relationship with ATB as our new
financial lender. The support they are providing with this credit
facility provides us with additional capital flexibility that is
invaluable in a volatile and uncertain macroeconomic environment,"
said Shane Grennan, Chief Financial Officer of Blackline
Safety.
“ATB not only has the benefit of being a local leader in the
capital markets here in Alberta but also truly understands the
value of our hardware-enabled software-as-a-service model. This new
line—combined with our strengthened balance sheet, cost reduction
efforts, pricing increases for products and services and a robust
outlook for growth—position us well for a transition to
profitability.”
“Blackline Safety, an Alberta-based global company, has
demonstrated a deep understanding of safety technology and an
ability to further innovate in this space,” said Darren Eurich, CEO
ATB Capital Markets & Senior Vice President, Business, ATB
Financial. “ATB is proud to support local businesses like Blackline
Safety that are innovating critical technologies used across many
industries.”
The new operating facility provides improved financial
flexibility to help the company manage its growing customer lease
portfolio, as it continues its strong track record of 22
consecutive quarters of year-over-year revenue growth and
progresses towards generating free cash flow. The borrowing base
under the new facility will be derived from the company’s monthly
recurring revenue with pricing that is largely consistent with its
prior facility. The new operating facility will be secured, which
includes a general security agreement over the property of both
Blackline Safety Corp. and its significant subsidiaries.
About Blackline Safety
Blackline Safety is a technology leader driving innovation in
the industrial workforce through IoT (Internet of Things). With
connected safety devices and predictive analytics, Blackline
enables companies to drive towards zero safety incidents and
improved operational performance. Blackline provides wearable
devices, personal and area gas monitoring, cloud-connected software
and data analytics to meet demanding safety challenges and enhance
overall productivity for organizations with coverage in more than
100 countries. Armed with cellular and satellite connectivity,
Blackline provides a lifeline to tens of thousands of people,
having reported over 185 billion data-points and initiated over
five million emergency alerts. For more information, visit
BlacklineSafety.com and connect with us on Facebook, Twitter,
LinkedIn and Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20221020005329/en/
INVESTOR AND ANALYST CONTACTS: Matt Glover or Jeff
Grampp, CFA Gateway Group, Inc. BLN@GatewayIR.com Telephone: +1 949
574 3860
MEDIA CONTACT: Blackline Safety Christine Gillies, CMO
cgillies@blacklinesafety.com +1 403-629-9434
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