- - New facility significantly increases Aecon's credit availability - -
TORONTO, Dec. 14 /CNW/ - 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.
The information in this press release includes certain forward-looking
statements. These "forward-looking" statements are based on currently
available competitive, financial and economic data and operating plans
but are subject to risks and uncertainties. In addition to general
global events outside Aecon's control, there are factors which could
cause actual results, performance or achievements to vary from those
expressed or inferred herein including risks associated with an
investment in the common shares of Aecon and the risks related to
Aecon's business, including Large Project Risk and Contractual Factors.
Risk factors are discussed in greater detail in the section on "Risk
Factors" in the Final Short Form Prospectus filed on October 1, 2010
and available at www.sedar.com.
Forward-looking statements include information concerning possible or
assumed future results of operations or financial position of Aecon, as
well as statements preceded by, followed by, or that include the words
"believes," "expects," "anticipates," "estimates," "projects,"
"intends," "should" or similar expressions. Important factors, in
addition to those discussed in this document, could affect the future
results of Aecon and could cause those results to differ materially
from those expressed in any forward-looking statements.
SOURCE Aecon Group Inc.
For further information: For further information:
Senior Vice President,
Aecon Group Inc.