CES Energy Solutions entered into an amended and restated credit agreement dated Nov. 6, 2026, with respect to its syndicated and operating credit facilities. The syndicate is led by The Bank of Nova Scotia as agent, lead arranger and joint bookrunner, together with TD Bank, Bank of Montreal, ATB Financial and National Bank of Canada as joint bookrunners, and also includes Wells Fargo Bank, Royal Bank of Canada and Business Development Bank of Canada. The total size of the credit facility has increased to approximately C$750.0 million equivalent. The credit facility, which matures on Nov. 6, 2031, is secured by substantially all of the company’s assets and includes customary terms, conditions and covenants.
“The upsized credit facility and improved terms are consistent with the increased size, scale and credit profile of CES, and reflect the strength of our financial attributes and recent rating agency upgrades,” Anthony Aulicino, executive vice president and chief financial officer of CES, said. “The expansion to $750 million from $550 million provides ample liquidity to support the increased size and scope of our business as we continue to move through our growth inflection phase. The new five-year term locks in current attractive terms and is aligned with our identified business needs, potential expansion opportunities, and return of capital initiatives. We thank the syndicate members for their strong participation in our upsized credit facility and for their ongoing partnership.”
Highlights of the Amended & Restated Credit Agreement
- Total facility size increased by $200 million, for an aggregate credit facility of approximately C$ equivalent $750 million
- Single syndicated revolving credit facility of C$ equivalent $702 million, with a co-borrower structure allowing for draws in either Canada or the U.S., in either currency
- Canadian-based C$20.0 million operating facility and U.S.-based US$20 million operating facility
- Accordion feature of C$ equivalent $350.0 million
- Removal of the Total Net Debt to EBITDA covenant and improved non-financial covenant baskets, aligned with the higher credit quality and increased size and scope of the company
