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LOGISTEC Announces that it has Successfully Renegotiated its Existing Credit Facility
December 6, 2019
Source: Business Insider
LOGISTEC Corporation (TSX: LGT.A) (TSX: LGT.B) ("LOGISTEC"), a marine and environmental services provider, announced today that it has successfully renegotiated its existing credit facility. Pursuant to this transaction, the four-year revolving credit facility increased to CA$300M, with an option to increase the total amount up to CA$400M.
Bank of Montreal and TD Securities acted as co-lead arrangers and joint bookrunners for the syndication of the revolving credit facility. Also participating in the credit facility are National Bank of Canada, Scotiabank, RBC Royal Bank and Desjardins Capital Markets.
"The commitment we received from our banking partners shows strong support for LOGISTEC's competitive market position and continued profitability since becoming public in 1969. It also demonstrates the strength of our strategy, as we continue to take important steps forward in both the marine services and environmental services segments" said Jean-Claude Dugas, LOGISTEC'S Chief Financial Officer.
The revolving credit facility will expire in October 2023. It increases LOGISTEC's borrowing flexibility and allows the company to pursue growth opportunities, while improving its financial position through favorable terms and conditions.
LOGISTEC Corporation is based in Montréal (Québec) and provides specialized services to the marine community and industrial companies. LOGISTEC offers bulk, break-bulk and container cargo handling services in 34 ports and 60 terminals located in North America. LOGISTEC also offers marine transportation services geared primarily to the Arctic coastal trade, as well as marine agency services to foreign shipowners and operators serving the Canadian market.
Furthermore, the company operates in the environmental sector where it provides services to industrial, municipal and governmental customers for the trenchless structural rehabilitation of underground water mains, regulated materials management, site remediation, risk assessment, and manufacturing of woven hoses.
A public company since 1969, LOGISTEC's shares are listed on the Toronto Stock Exchange under the ticker symbols LGT.A and LGT.B. For more information, please visit www.logistec.com.
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