Westport Fuel Systems Inc., a supplier of fuel delivery components and systems for clean, low-carbon fuels, has closed a $10 million term credit facility from Export Development Canada (EDC) to bolster liquidity during the COVID-19 pandemic.
“These transactions confirm the continued strong support of EDC and their commitment to Canada’s clean-technology exporters,” says David M. Johnson, CEO of Westport Fuel Systems.
“As our global operations ramp up production, this facility provides additional liquidity, if required. We are grateful for our long-standing partnership with EDC and the speed at which they have mobilized to help Canadian companies weather the COVID-19 pandemic,” he adds.
The credit facility from EDC enables Westport to make periodic requests for advances for a period of nine months from the date of the amended and restated loan agreement and has a final maturity date 12 months from the date of the agreement. On March 25, the company, in partnership with EDC, announced that it amended its existing term loan to defer 2020 principal payments of $6 million and to extend the loan until Sept. 30, 2022.
