Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

Press Release Archive

Meridian assists in additional $1 million debt financing

News Release - March 12, 2007

(Calgary, Alberta) Despite a general slowdown in the oil patch in early 2007, Meridian Merchant Capital Canada announced today that one of its key oil field services company clients has continued its 2006 growth trend into 2007 leading to the closing of additional $1 million in senior debt financing by HSBC in Calgary.

"Fast growth, especially when it triggers unanticipated demand for additional operating capital can be a concern" explained President and CEO of Meridian, Keith Turner . "Here we have a very innovative company that is in the process of revolutionizing the pressure vessels market in western Canada by automating the welding process. Because of our ongoing relationship with the company, we have been able to anticipate operating capital shortfalls, and take steps to ensure our friends at HSBC are comfortable. In this case, that meant offering the company additional sub debt, which has allowed HSBC to significantly increase the company’s operating line."

Building long term relationships with both clients and financial institutions as well as other capital sources is a key cornerstone to the Meridian Effect.

"We announce transactions, but we’re really in the relationship business," said Turner. "This particular client is a perfect example of how providing Fortune 500 calibre corporate financing planning and advice can help a relatively small western Canadian entrepreneurial company grow without the stresses and strains of operating capital shortfalls."

In total, since engaging Meridian, the company has closed a total of five separate financings involving bridge loans, subordinated debt, senior term debt, operating line, and asset based financing. The company has also made a strategic acquisition off-balance sheet.

For more information visit www.meridiancanada.com
or contact Randy Lennon at 403-538-2130.