New facility significantly increases Aecon’s credit availability
Toronto, Ontario – December 14, 2010: Aecon Group Inc. (“Aecon”) (TSX:ARE) announced today that it has signed a new three and a half-year $300 million credit facility that significantly increases Aecon’s
total credit availability and financial flexibility going forward, commensurate with the growth Aecon has seen in recent years.
The new $300 million facility, which expires May 31, 2014, replaces Aecon’s previous $100 million facility that was due to expire in June 2011. When combined with the new $75 million domestic and US$15 million international
Letter of Credit facilities provided by Export Development Canada in November 2010 to cover performance security guarantees, the new facility brings Aecon’s total credit availability to $390 million.
The new credit facility is provided by a syndicate co-led by The Toronto-Dominion Bank and Canadian Imperial Bank of Commerce.
“This new facility increases our access to capital, providing Aecon with the resources and financial flexibility required to manage our ongoing business and take advantage of the significant opportunities currently existing in our
priority markets,” said David Smales, Executive Vice-President and Chief Financial Officer, Aecon Group Inc.
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 on a selected basis
internationally. Aecon is pleased to be recognized as one of the Best Employers in Canada as published by Maclean’s Magazine.