ATCHESON, Alberta, September 20, 2022 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or the “Company”) (TSX:NOA.TO/NYSE:NOA) finalizes extensions and amendments today announced that it did. of a senior secured line of credit (“Line of Credit”); The expiry date of his facility has been extended by one year to a new expiry date of October 8, 2025. In addition to extending existing favorable terms, overall capacity has been allocated to provide greater flexibility in operating our joint venture.
Chief Financial Officer Jason Veenstra said: “It is encouraging to see all of our existing members extending their contracts. This low-cost facility will continue to provide the liquidity and duration our business needs.”
The Credit Facility will maintain overall liquidity at $475 million, while adjusting NACG’s borrowing capacity from $325 million to $300 million and providing for equipment financing and joint venture financing support. Increase from $150 million to $175 million. This allocation will provide greater flexibility in operating the joint venture and the ability to obtain low-cost capital financing. The credit facility remains composed solely of revolvers with no scheduled repayments and is not governed by a borrowing base that limits available borrowing. Financial covenants are consistent with previous agreements and are tested quarterly for the last four quarters.
About the company
North American Construction Group Ltd. (www.nacg.ca) is one of Canada’s largest providers of heavy construction and mining services. NACG has served the mining, resource, and infrastructure construction markets for over 65 years. For more information, please contact:
Jason Veenstra, CPA, California
North American Construction Group Limited
Phone: (780) 960-7171
Email: [email protected]
Information provided in this release contains forward-looking statements. Forward-looking statements include statements that are preceded by or contain the words “expected,” “estimated,” or similar expressions. This includes the expected revenue and backlog generated by the contract as well as the schedule of work under the contract.
The material factors or assumptions used in making the forward-looking statements above, and the risks and uncertainties to which such forward-looking statements are subject, end on December 31, 2020. Highlighted in our MD&A for the year and quarter ending June 30, 2021. Actual results may differ materially from those envisioned in forward-looking statements due to a number of factors and uncertainties, many of which are beyond NACG’s control. You should not place undue reliance on forward-looking statements. NACG undertakes no obligation to update or revise these statements, except as required by applicable law. For more information about the NACG, please read our disclosure documents filed with the SEC and CSA. These free documents are available by visiting EDGAR at the SEC website at: www.sec.gov or CSA website www.sedar.com.
North American Construction Group Limited Announces Expansion of Canadian Business Journal Credit Facility
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