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Aecon announces approval of new credit facility

May 29, 2007

Toronto, Ontario – May 29, 2007: Aecon Group Inc. (“Aecon”) (TSX:ARE) announced today that it has completed the due diligence process and obtained all required approvals for a new three-year credit facility that will replace a number of existing credit facilities. The new facility will increase Aecon's total credit availability by approximately $23 million and improve its flexibility with respect to debt management.

The credit facility, provided by a syndicate comprised of Caterpillar Financial Services Limited (CAT) as Co-Lead Arranger and Administrative Agent, The Toronto Dominion Bank (TD) as Co-Lead Arranger and LaSalle Commercial Lending, a division of ABN AMRO Bank N.V., includes a three-year term loan of $15 million and a three-year committed operating line of $50 million. The new facility replaces a number of existing loans and credit lines provided by CAT and TD, which total approximately $42 million. The facility is expected to close on or about June 8, 2007.

In addition to the term loan and operating line, a special letter of credit facility is being provided that will enable Aecon to replace guarantees related to a completed project in India that are currently being provided by Hochtief AG. This additional facility increases the effective credit provided to $90 million. As previously disclosed, although Hochtief AG sold all its shares in Aecon, it retained the right to hold a seat on Aecon's Board of Directors during the duration of its guarantees. No changes have been made to Aecon's Board of Directors as a result of the planned retirement of the Hochtief guarantees.

“By providing us with a three-year financing commitment, increased access to capital and greater flexibility in how we manage our debt, this new facility achieves a number of important objectives for Aecon,” said Scott Balfour, President and CFO, Aecon Group Inc. “The substantial confidence demonstrated by these three respected leaders in the financial community also serves as more evidence that Aecon is on the right strategic path.”

 Aecon Group Inc. is Canada's largest publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and internationally. Aecon's shares are listed for trading on the Toronto Stock Exchange under the symbol ARE.