Horizon North Logistics Inc. Announces Amendment and Extension of Credit Facility
October 9, 2019
Source: PR Newswire
Horizon North Logistics Inc. ("Horizon North" or the "Corporation") (TSX: HNL.TO) announced today that the Corporation recently reached an agreement with its lenders to amend its credit facility. Among other things, the amended agreement:
Maintains the existing revolving commitment of $150 million;
Extends the maturity date of the credit facility by 12 months to September 30, 2021;
Adjusts the permitted senior debt to consolidated adjusted EBITDA ratio to a maximum of 4.25x for the third quarter of 2019, 5.25x in the fourth quarter of 2019, 4.50x in the first quarter of 2020, 3.75x in the second quarter of 2020, 3.50x in the third quarter of 2020 and 3.00x in the fourth quarter of 2020 and thereafter; and
Adjusts the permitted total debt to consolidated adjusted EBITDA ratio to a maximum of 4.25x for the third quarter of 2019, 5.25x in the fourth quarter of 2019, 4.50x in the first quarter of 2020 and 4.25x in the second quarter of 2020 and thereafter.
The credit facility provides access to liquidity and borrowing capacity for the operating and capital requirements of the Corporation as required.
About Horizon North
Horizon North is a publicly listed corporation (TSX: HNL.TO) providing a full range of industrial, commercial, and residential products and services. Our Industrial Services business supplies workforce accommodations, camp management services, access solutions, maintenance and utilities. Our Modular Solutions business integrates modern design concepts and technology with state of the art, off-site manufacturing processes; producing high quality building solutions for commercial and residential offerings including offices, hotels, and retail buildings, as well as distinctive single detached dwellings and multi-family residential structures. As a result of our diverse product and service offerings, Horizon North is uniquely positioned to meet the needs of our customers in numerous sectors, anywhere in Canada.