Wajax increases bank credit facility to $300 million

Dec 07, 2012, 13:13 ET from Wajax Corporation

TSX Symbol:  WJX

TORONTO, Dec. 7, 2012 /CNW/ - On December 7, 2012, Wajax increased the limit of its bank credit facility by $75 million on substantially the same terms and conditions as the existing facility.  The fully secured facility, due August 12, 2016, is now comprised of an $80 million non-revolving term portion and a $220 million revolving term portion. At September 30, 2012, Wajax had utilized $129 million of the facility.

Commenting on the increase, Mark Foote, President and CEO, stated: "In addition to taking advantage of the currently favourable borrowing conditions, the $75 million increase will provide Wajax with additional borrowing capacity to fund future growth, including increases in working capital and acquisitions."

Wajax Corporation is a leading Canadian distributor and service support provider of mobile equipment, power systems and industrial components.  Reflecting a diversified exposure to the Canadian economy, its three distinct core businesses operate through a network of 119 branches across Canada. Its customer base spans natural resources, construction, transportation, manufacturing, industrial processing and utilities.

SOURCE Wajax Corporation