LOGISTEC has successfully renegotiated its four-year revolving credit facility, increasing the amount to C$300 million ($228 million), with an option to increase the total amount to C$400 million ($303 million).
Bank of Montreal and TD Securities acted as co-lead arrangers and joint bookrunners for the syndication of the revolving credit facility. Also participating in the credit facility are National Bank of Canada, Scotiabank, RBC Royal Bank and Desjardins Capital Markets.
“The commitment we received from our banking partners shows strong support for LOGISTEC’s competitive market position and continued profitability since becoming public in 1969. It also demonstrates the strength of our strategy, as we continue to take important steps forward in both the marine services and environmental services segments” said Jean-Claude Dugas, LOGISTEC’S CFO.
The revolving credit facility will expire in October 2023. It increases LOGISTEC’s borrowing flexibility and allows the company to pursue growth opportunities, while improving its financial position through favorable terms and conditions.
Montreal-based LOGISTEC provides specialized services to the marine community and industrial companies. LOGISTEC offers bulk, break-bulk and container cargo handling services in 34 ports and 60 terminals located in North America.