VANCOUVER, BC — February 21, 2026 — Leads & Copy —
Westshore Terminals Investment Corporation (TSX: WTE) has announced that its subsidiary, Westshore Terminals Limited Partnership, has entered into an agreement for a $165 million revolving credit facility with Royal Bank of Canada and The Bank of Nova Scotia.
The credit facility is available for general corporate purposes, including commitments related to the potash project. The facility represents an increase over Westshore’s existing $40 million operating facility, which was undrawn as of February 20, 2026, and was scheduled to mature on August 31, 2026.
Royal Bank of Canada is serving as Lead Arranger, Sole Bookrunner, and Administrative Agent for the credit facility. All dollar amounts in this release are in Canadian dollars.
Key terms of the credit facility include:
The credit facility is a $165 million revolving operating loan available in Canadian and US dollars, reducing to $100 million on December 31, 2028, and further to $50 million on December 31, 2029. It includes a $15 million swingline facility. The credit facility is available via CORRA/SOFR loans and Canadian Prime/US Base Rate loans. The swingline facility is available via Canadian Prime/US Base Rate loans and letters of credit.
The term of the credit facility has been extended, with maturity set for February 20, 2030.
Interest rates for Canadian dollar borrowings are, at Westshore’s option, (a) Term Canadian Overnight Repo Rate Average (CORRA) or Daily Compounded CORRA, plus the applicable CORRA Adjustment (0.29547% for one-month terms and 0.32138% for three-month terms) plus 1.25%, or (b) Prime Rate plus 0.25%. For US dollar borrowings, at Westshore’s option, (a) Term Secured Overnight Financing Rate (SOFR) plus the Term SOFR Adjustment (0.10% per annum) plus 1.25%, or (b) Base Rate plus 0.25%. Letters of credit under the Swingline Facility incur a fee of the letter of credit amount plus 0.25%.
The credit facility includes customary upfront, standby, and agency fees.
Repayment is interest-only, with a bullet repayment on maturity and required repayments aligned with the credit facility limit step-downs on December 31, 2028, and December 31, 2029.
A financial covenant stipulates that the trailing twelve-month EBITDA of the Corporation shall not be less than $75 million, and aggregate distributions on its common shares in any prior four quarters may not exceed the trailing twelve-month EBITDA of the Corporation.
The credit facility is secured by an existing debenture of $195 million, creating a fixed and specific charge on Westshore’s assets, pledged to RBC as administrative agent. The General Partner and the Corporation guarantee the facility, secured by general security agreements in favor of RBC, creating a fixed charge over each Guarantor’s present and after-acquired personal property and a floating charge over each Guarantor’s real property.
Advances under the credit facility are subject to customary conditions precedent.
Full details of the Fourth Amended and Restated Credit Agreement dated February 20, 2026, are available on SEDAR+ (www.sedarplus.ca) under the Corporation’s issuer profile.
This announcement contains forward-looking information regarding the use of proceeds, satisfaction of conditions, and scheduled reductions in the credit facility limit. These statements reflect current expectations and are subject to risks and uncertainties detailed in the Corporation’s Annual Information Form.
Source: Westshore Terminals Investment Corporation
