TSX Symbol: HNL
CALGARY, Feb. 19, 2015 /CNW/ - Horizon North Logistics Inc. ("Horizon North" or the "Corporation") announced today that it has entered into an agreement with its syndicate of lenders to increase its current committed credit facility ("credit facility").
The credit facility has been increased to $200,000,000 from $175,000,000 by exercising a portion of the accordion feature of the existing agreement and adding an additional bank to the existing syndicate of lenders. The amended credit facility retains an accordion feature which may increase the availability of the credit facility by $10,000,000 at the option of the Corporation and subject to lender approval.
"The credit facility increase will help improve Horizon North's financial flexibility and provide additional borrowing capacity as we look forward into 2015," noted Rod Graham, President and Chief Executive Officer.
About Horizon North
Horizon North is a remote resource development service company that provides workforce accommodation solutions, camp management and catering services, and road and access matting solutions. Horizon provides these services in support of oil sands development, oil and gas exploration, mining and infrastructure projects throughout Canada's western provinces and northern territories where local infrastructure does not meet project requirements.
Additional information related to the Corporation, including the Corporation's annual information form, press releases, financial statements and MD&A are available on SEDAR at www.sedar.com
SOURCE Horizon North Logistics Inc.
For further information: please contact Rod Graham, President and Chief Executive Officer or Scott Matson, Vice President Finance and Chief Financial Officer, 1600, 505 - 3rd Street S.W., Calgary, Alberta T2P 3E6; Telephone (403) 517 - 4654, Fax (403) 517 - 4678; website: www.horizonnorth.ca