A syndicate of lenders led by Scotiabank provided a new credit facility to Horizon North Logistics. The credit facility includes an extended maturity date to Dec. 31, 2022 and an increase in credit availability from $150 million to $175 million.
“This new credit facility is a critical milestone as we integrate the operations of Horizon North and Dexterra and will provide increased capacity for the future operating and capital requirements of the corporation,” R. William McFarland, chair of the board of Horizon North Logistics, said. “It gives the corporation flexibility as we operate in the current COVID-19 business environment and execute on the long-term growth strategy to create a strong pan-Canadian support services company. The improved flexibility with respect to financial and other covenants will also allow the corporation to pay dividends in the future.”
Horizon North Logistics is a publicly listed corporation operating a pan-Canadian support services platform across 11 provinces and territories and diversified end markets.
