Cervus Equipment entered into an amended and extended revolving credit facility with its existing syndicate of underwriters led by TD Bank and including Canadian Imperial Bank of Commerce and Wells Fargo.

The principal amount available remains at $100 million under the extended facility, with an $80 million accordion which Cervus may request as an increase to the total available facility. The extension of the facility extends the maturity to December 21, 2017, compared to December 16, 2016 prior to extension.

The company’s cost of borrowing under the facility remains unchanged. The amount and ultimate occurrence of any dividend declared by the company is subject to the approval of Cervus’ board of directors.

“We are pleased with the continued support and partnership of our syndicate lenders through this economic cycle,” said Graham Drake, president and CEO of Cervus. “The $100 million committed credit facility provides stability for our existing operations and maintains capital flexibility for the future.”

The principal purpose of this facility is to finance Cervus’ general corporate operating requirements, including capital expenditures, permitted acquisitions and permitted investments. As of the date hereof, approximately $53 million has been drawn down on this facility.

Calgary, AB-based Cervus Equipment acquires and operates authorized agricultural, construction, materials handling and transportation equipment dealerships. The company has interests in 71 dealerships in Canada, New Zealand and Australia. The primary equipment brands represented by Cervus include John Deere agricultural equipment; Bobcat and JCB construction equipment; Clark, Sellick and Doosan material handling equipment and Peterbilt transportation equipment.