Tervita Corporation Amends and Extends its Senior Secured Credit Facility
CALGARY, Dec. 21, 2018 /PRNewswire/ - Tervita Corporation ("Tervita", the "Company") (TSX: TEV) announced today it has amended and extended its senior secured revolving credit facility with a syndicate of banks led by TD Securities and CIBC. Among other changes, the amendment:
- Extends the term of the credit facility by one and a half years to June 2021, with an option to extend (subject to customary conditions);
- Increases the maximum principal amount available by $75 million to $275 million;
- Expands the lending syndicate from four to seven banks; and
- Provides for improved pricing to Tervita.
"We are pleased with the enhanced financial flexibility and the cost savings that the amendment provides Tervita as we continue to pursue our strategic objectives," said Rob Dawson, Chief Financial Officer of Tervita Corporation. "We believe these positive changes to our credit facility demonstrate the confidence our lending group has in the Company, our strategy and the ability of our business model to generate stable, resilient cash flow."
The credit facility remains fully undrawn and continues to support approximately $86 million of issued and outstanding letters of credit. The newly added capacity on the credit facility enhances Tervita's already strong liquidity position.
About Tervita
Tervita has close to 40 years of operational experience in Canada as a leading environmental solutions provider. Our integrated earth, water, waste and resource solutions deliver safe and efficient results through all phases of a project by minimizing impact, maximizing returns.™ Our dedicated employees are trusted sustainability partners to oil and gas, construction, mining, government and communities. Safety is our highest priority: it influences our actions and shapes our culture. For more information visit Tervita.com.
Forward-Looking Information
This news release contains certain statements that may be "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Forward looking statements are statements that are not historical facts and are often, but not always, identified using words or phrases such as "expects", "plans", "anticipates", "believes", "intends", "estimates", "estimated", "projects", "potential" and similar expressions, or stating that certain actions, events or conditions "will", "would", "may", "might", "could" or "should" occur or be achieved or other similar terminology. In particular, but without limiting the foregoing, this news release contains forward-looking statements or information pertaining to the financial flexibility and cost savings provided by the amended credit facility and our ability to successfully realize our strategy and to generate stable, resilient cash flow. By their nature, forward-looking statements and information involve known and unknown opportunities, costs, risks and uncertainties that may cause actual results; to differ materially from those anticipated. Risks and uncertainties that may affect actual results include, without limitation, our ability to realize our strategy and to generate stable, resilient cash flow, potential decreases in exploration, drilling and production activity levels in the markets where we offer our services, customers may decide to no longer outsource their waste management and other environmental service activities, risks related to non-compliance with environmental laws or delays resulting from such non-compliance, legislative and regulatory initiatives that impact our business, competition, fluctuations in commodity prices and exchange rates and volatility in global financial conditions. With respect to the forward-looking statements and information contained in this news release, Tervita has made assumptions regarding, among other things: our ability to realize our strategy and to generate stable, resilient cash flow, our ability to comply with covenants and/or repayment obligations under our debt arrangements, the stability of the industries in which we operate, the creditworthiness of our customers, commodity prices, no material changes in the legislative and operating framework our business, our ability to access capital, our ability to successfully market our business in the areas in which we operate, conditions of the oil and gas industry in our current and proposed market, general economic, business and market conditions, our future debt levels and the impact of increasing competition. Although Tervita believes the expectations expressed in such forward-looking statements and information are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements and information are based on the beliefs, estimates and opinions of Tervita's management on the date the statements are made. Except as required by law, Tervita undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The forward-looking statements and information included in this news release are expressly qualified in their entirety by this cautionary statement. Tervita cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof, and Tervita does not undertake any obligation to update publicly or to revise any of the included forward-looking statements or information, whether as a result of new information, change in management's estimates or opinions, future circumstances or events or otherwise, except as expressly required by applicable securities law.
SOURCE Tervita Corporation
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