Blackline Safety Recurring Revenue Business Model Enables New $15M Financing Facility From National Bank of Canada
February 09 2021 - 9:17AM
Business Wire
Blackline Safety Corp. (TSX.V: BLN), a technology company with
recurring revenue and a strong working capital position, today
announced the recent closing of a financing facility offer of $15
million with National Bank of Canada. The company worked with the
Bank’s Technology and Innovation Banking Group, which offers
specialized support to fast-growing technology businesses across
Canada. This new credit instrument further increases Blackline’s
financial flexibility beyond its current enhanced capitalized
position following the closing of a Brokered Private Placement in
September 2020.
“We’re pleased to partner with National Bank for this new
chapter in our growth trajectory. This recurring revenue-based
financing facility will provide Blackline with an even more
flexible working capital strategy, ensuring that we are more
prepared to scale our business and deploy connected safety and
worker technologies to enterprises around the world,” said Shane
Grennan, Chief Financial Officer of Blackline Safety.
“National Bank’s Technology
and Innovation Banking Group is excited to partner with Blackline
in support of its tremendous global growth story. This
collaboration further demonstrates our unwavering commitment to
Canada’s export economy and the opportunity to leverage Canada’s
world class tech talent to build a stronger, more resilient
economy,” said Irfan S.
Daya, Managing Director of
National Bank’s Technology and Innovation Banking Group for Central
& Western Canada.
The financing facility consists of an operating line of credit
of $15M with the borrowing base driven by Blackline’s monthly
recurring revenue, providing Blackline with increased financial
flexibility to support its day-to-day operations and continued
global growth. As part of the financing facility, Blackline is
partnering with National Bank of Canada for Canadian banking,
including investments, foreign exchange transactions and operating
accounts. The financing facility is secured, including by a general
security agreement over the property of both Blackline Safety Corp.
and its subsidiary Blackline Safety Europe Ltd.
About National Bank of Canada
With $332 billion in assets as at October 31, 2020, National
Bank of Canada, together with its subsidiaries, forms one of
Canada's leading integrated financial groups. It has more than
26,500 employees in knowledge-intensive positions and has been
recognized numerous times as a top employer and for its commitment
to diversity. Its securities are listed on the Toronto Stock
Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via
social media such as Facebook, LinkedIn and Twitter.
About Blackline Safety: Blackline Safety is a global
connected safety leader that helps to ensure every worker gets
their job done and returns home safe each day. Blackline provides
wearable safety technology, personal and area gas monitoring,
cloud-connected software and data analytics to meet demanding
safety challenges and increase productivity of organizations in
more than 100 countries. Blackline Safety wearables provide a
lifeline to tens of thousands of men and women, having reported
over 100 billion data-points and initiated over five million
emergency responses. Armed with cellular and satellite
connectivity, we ensure that help is never too far away. For more
information, visit www.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/20210209005416/en/
INVESTOR/ANALYST Shane Grennan, CFO
sgrennan@blacklinesafety.com Telephone: +1 403 451 0327
MEDIA Heather Houston hhouston@daltonagency.com
Telephone: +1 904 398 5222 Cell phone: +1 386 216 9472
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