Daily News: May 26, 2015

TD Bank Commits to Macro Enterprises Credit Facility


Macro Enterprises announced it has entered into a commitment letter with TD Bank for the provision of CA$115 million ($92.8 million) in new senior secured credit facilities. TD Bank has committed to structure and arrange the new credit facilities comprising a CA$65 million ($52.5 million) three-year revolving credit facility, of which up to CA$30 million ($24.3 million) will be provided by TD Bank, and a CA$50 million ($40.4 million) letter of credit facility.

TD Bank has committed to use commercially reasonable efforts, but without any obligation, to arrange a syndicate of lenders to provide the
balance of the credit facilities. TD Bank will act as lead arranger, bookrunner and administration agent. Its commitment is subject to customary terms and conditions, including the condition that the balance of the facilities are provided by the other participants in the syndicate. Closing is expected to occur by July 15, 2015.

After closing, Macro will have the right, subject to customary conditions, to increase the amount of the revolving facility by up to CA$20 million ($16.2 million), bringing the total credit facilities to a maximum of CA$135 million ($109.1 million), by securing increased commitments from one or more of the initial lenders or by securing one or more new lenders.

Macro is strategically pursuing multiple significant projects in pipeline and facilities construction. The revolving facility will provide enhanced
flexibility and essential funding support as the company works to realize on those large-scale potential growth opportunities. The secured letter
of credit facility is intended to facilitate the issuance of letters of credit to support qualifying projects.

Macro’s core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry
in northeastern B.C. and northwestern Alberta.