Horizon North Logistics Inc. Announces New Credit Facility
June 30, 2020
Horizon North Logistics Inc. (“Horizon North” or the “Corporation”) (TSX: HNL.TO) announced today that the Corporation has negotiated a new credit facility with a syndicate of lenders led by Scotiabank (the “Credit Facility”). Key features of the Credit Facility include an extended maturity date to December 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,” says R. William McFarland, Chair of the Board of Horizon North. “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.”
About Horizon North
Horizon North is a publicly listed corporation (TSX: HNL.TO) operating a pan-Canadian support services platform across eleven provinces and territories and diversified end markets.
Our Modular Solutions business integrates modern design concepts with off-site manufacturing processes to produce high-quality building solutions for commercial, residential and industrial clients. Our Facilities Management business delivers operation and maintenance solutions for built assets and infrastructure in the public and private sectors, including aviation, defence and security, retail, healthcare, education and government. Our Workforce Accommodations, Forestry and Energy Services business provides a full range of workforce accommodations solutions, forestry services and access solutions to clients in the energy, mining, forestry and construction sectors among others.
Horizon North has an outstanding record of creating and managing places that play a vital role in the national economy and our local communities. What sets us apart is our expertise in bringing together the right people with the right skills to transform service delivery and improve customers’ experiences.
Additional information related to Horizon North, including the Corporation’s annual information form, press releases, financial statements and management’s discussion and analysis are available on SEDAR at www.sedar.com.
Rod Graham, Co-CEO and President, Modular Solutions
Calgary office: 900, 240 – 4th Avenue S.W., Calgary, Alberta T2P 4H4
Telephone (403) 517 ‐ 4654
John MacCuish, Co-CEO and President, Facilities Management
Toronto head office: 5915 Airport Rd., Suite 425 Mississauga, Ontario L4V 1T1
Telephone (647) 560-4549
You can also visit our website at www.horizonnorth.ca.