Petrowest entered into an amendment and restatement of its credit facility with its syndicate of lenders, led by Bank of Montreal.

Lloyd Wiggins, Petrowest’s chief financial officer, said “Following the award of our largest project since inception, we are delighted by the continuing support from our lenders, which speaks to the transformational year Petrowest anticipates going into 2016 and beyond.”

Petrowest has approximately $30.1 million drawn on its amortizing term loan and approximately $17 million drawn on its $40 million syndicated revolving credit facility. Entering 2016, Petrowest has invested capital through 2015 to position the company for a strong adjusted EBITDA growth year, which provides the ability to decrease its revolving amortizing term loan from $50 million to $35 million, reducing the overall commitment amount from $90 million to $75 million.

The amended and restated credit agreement includes, among other things, modified financial covenants, adjusted EBITDA ratios, consolidated fixed charge coverage ratios and limits on its unfinanced capital expenditures.

Petrowest is a construction service provider operating in western Canada.