CALGARY, March 1, 2016 /CNW/ - Petrowest Corporation ("Petrowest" or the "Company") (TSX:PRW) is pleased to announce that its lenders (under both the syndicated credit facility and the subordinated debt agreement) extended the waiver period, which was previously announced on December 29, 2015, from February 29, 2016 to March 31, 2016.
Specifically, following the award of Petrowest's largest contract since inception, BC Hydro's Site C Clean Energy Project main civil works contract (disclosed December 21, 2015), Petrowest's lenders are currently working with the Company to amend the existing credit facility, which amendments are expected to provide the Company with maximum financial flexibility while entering a transformational year.
As Lloyd Wiggins, Petrowest's Chief Financial Officer, previously stated "Petrowest is excited entering 2016 following the award of its largest project since inception, BC Hydro Site C Clean Energy Project, which provides the Company with a transformational growth trajectory entering 2016. It is encouraging to receive the continuing support from our lenders as we enter these transformational times."
Additional information respecting Petrowest's credit facilities and the financial covenants in those credit facilities may be found in Petrowest's Management Discussion and Analysis for the three and nine months ended September 30, 2015, available under Petrowest's profile on the SEDAR website at www.sedar.com.
Petrowest is a diversified infrastructure company with primary operations based in northeastern British Columbia and northwestern Alberta. Petrowest's operations are focused on industrial and civil infrastructure projects, gravel crushing and hauling activities.
SOURCE Petrowest Corporation
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