Stuart Olson Announces Improved Terms for its $200 Million Credit Facility
CALGARY, June 5, 2014 /CNW/ - Stuart Olson Inc. (TSX: SOX, SOX.DB) ("Stuart Olson" or the "Corporation") today announced that it has negotiated improved terms and conditions for its $200 million revolving credit facility (the "Revolver"). The syndicate of lenders remains the same and the Revolver continues to include a $75 million accordion feature. The material changes to the Revolver include additional flexibility in the borrowing covenants such that Senior Debt to EBITDA and Debt to EBITDA ratios are both permanently increased by 0.25 times to 2.75 times and 3.25 times, respectively, with an additional increase of 0.25 times for a period of two quarters following the completion of a material acquisition or following the maturity date of the currently outstanding convertible debentures of the Corporation if more than $50 million is utilized from the Revolver in the repayment of those convertible debentures. The amendment to the Revolver detailing all of the foregoing changes, along with certain other non-material changes, will be filed under the Corporation's SEDAR profile at www.sedar.com.
About Stuart Olson
Stuart Olson provides building construction, commercial and industrial electrical contracting, earthmoving and industrial insulation services to an array of public and private sector clients. Stuart Olson operates office locations throughout British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Stuart Olson's common shares and convertible debentures are listed on the Toronto Stock Exchange under the symbols "SOX" and "SOX.DB", respectively. www.stuartolson.com
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Stuart Olson Inc.