Westport Fuel Systems Completes Refinancing of US$20 Million Term Loan from Export Development Canada
December 16 2021 - 8:00AM
Westport Fuel Systems Inc. (“Westport Fuel
Systems” or the “
Company”)
(TSX:
WPRT / Nasdaq:
WPRT) today
announced today it has refinanced a $20 million Term Loan from
Export Development Canada (“
EDC”) providing for
the extension of the maturity of the indebtedness to EDC and a
reduction in interest rate. The new Term Loan replaces the
Company's existing indebtedness to EDC of approximately $18 million
under the Second Amended and Restated Facility Agreement, including
the Original Term Facility and the COVID-19 Facility, with an
option to draw an additional $2 million. The Term Loan extends the
maturity date of the prior indebtedness to EDC to September 15,
2026, which aligns better with the Company’s investment profile.
The interest rate on the Term Loan is now US Prime + 2.01% per
annum and has no prepayment penalty or standby charge.
“We are very appreciative of the continued
support and our relationship with Export Development Canada in
helping our ambitious growth plans to bring clean, affordable
transportation solutions using LNG, renewable natural gas and
hydrogen to the world. The refinancing of this Term Loan improves
our financial position and liquidity to fund our growth of our HPDI
technology and working capital needs,” said Richard Orazietti,
Chief Financial Officer of Westport Fuel Systems
“Westport’s Fuel Systems’ innovative technology
has the potential to create large-scale transformation across the
heavy-duty freight and transportation sectors by helping to reduce
emissions through alternative fuels, while also supporting
collective carbon reduction goals,” said Sophie Dumoulin, Director,
Cleantech, EDC. “We are pleased to offer our continued support to
Westport Fuel Systems, a medium-sized Canadian company, as it grows
internationally, and we look forward to seeing the impact of their
technologies on the transportation industry during this transition
to a low carbon future.”
About EDCExport Development
Canada (EDC) is a financial Crown corporation dedicated to helping
Canadian companies of all sizes succeed on the world stage. As
international risk experts, we equip Canadian companies with the
tools they need – the trade knowledge, financing solutions, equity,
insurance, and connections – to grow their business with
confidence. Underlying all our support is a commitment to
sustainable and responsible business. To help Canadian businesses
facing extreme financial challenges brought on by the global
response to COVID-19, the Government of Canada has expanded EDC’s
domestic capabilities until December 31, 2021. This broader mandate
will enable EDC to expand its support to companies focused
domestically.
About Westport Fuel
SystemsWestport Fuel Systems is driving innovation to
power a cleaner tomorrow. The company is a leading supplier of
advanced fuel delivery components and systems for clean, low-carbon
fuels such as natural gas, renewable natural gas, propane, and
hydrogen to the global automotive industry. Westport Fuel Systems’
technology delivers the performance and fuel efficiency required by
transportation applications and the environmental benefits that
address climate change and urban air quality challenges.
Headquartered in Vancouver, Canada, with operations in Europe,
Asia, North America and South America, the company serves customers
in more than 70 countries with leading global transportation
brands. For more information, visit www.wfsinc.com.
Investor Inquiries:Christian TweedyInvestor
RelationsT: +1
604-718-2046E: invest@wfsinc.com
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