CIBC and TD Securities led the syndicate of banks on an amendment to Tervita’s senior secured revolving credit facility, increasing the maximum principal amount available by $75 million to $275 million.
Among other changes, the amendment also:
- Extended the term of the facility by one and a half years to June 2021, with an option to extend, subject to customary conditions
- Expanded the lending syndicate from four to seven banks
- Provided improved pricing to Tervita
“We are pleased with the enhanced financial flexibility and the cost savings that the amendment provides Tervita as we continue to pursue our strategic objectives,” said Rob Dawson, chief financial officer of Tervita. “We believe these positive changes to our credit facility demonstrate the confidence our lending group has in the Company, our strategy and the ability of our business model to generate stable, resilient cash flow.”
The credit facility remains fully undrawn and continues to support approximately $86 million of issued and outstanding letters of credit. The newly added capacity on the credit facility enhances Tervita’s already strong liquidity position.
Founded over 40 years ago, Tervita is a leading Canadian environmental solutions provider which delivers integrated earth, water, waste and resource solutions to partners in the oil and gas, construction, mining, government and community verticals.