Aecon announces closing of new $300 million credit facility

- - New facility significantly increases Aecon's credit availability - -

TORONTO, Dec. 14 /CNW/ - Aecon Group Inc. ("Aecon") (TSX:ARE) announced today that it has signed a new three and a half-year $300 million credit facility that significantly increases Aecon's total credit availability and financial flexibility going forward, commensurate with the growth Aecon has seen in recent years.

The new $300 million facility, which expires May 31, 2014, replaces Aecon's previous $100 million facility that was due to expire in June 2011.  When combined with the new $75 million domestic and US$15 million international Letter of Credit facilities provided by Export Development Canada in November 2010 to cover performance security guarantees, the new facility brings Aecon's total credit availability to $390 million.

The new credit facility is provided by a syndicate co-led by The Toronto-Dominion Bank and Canadian Imperial Bank of Commerce.

"This new facility increases our access to capital, providing Aecon with the resources and financial flexibility required to manage our ongoing business and take advantage of the significant opportunities currently existing in our priority markets," said David Smales, Executive Vice-President and Chief Financial Officer, Aecon Group Inc.

Aecon Group Inc. is Canada's largest publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and on a selected basis internationally. Aecon is pleased to be recognized as one of the Best Employers in Canada as published by Maclean's Magazine.

The information in this press release includes certain forward-looking statements. These "forward-looking" statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties.  In addition to general global events outside Aecon's control, there are factors which could cause actual results, performance or achievements to vary from those expressed or inferred herein including risks associated with an investment in the common shares of Aecon and the risks related to Aecon's business, including Large Project Risk and Contractual Factors. Risk factors are discussed in greater detail in the section on "Risk Factors" in the Final Short Form Prospectus filed on October 1, 2010 and available at www.sedar.com. 

Forward-looking statements include information concerning possible or assumed future results of operations or financial position of Aecon, as well as statements preceded by, followed by, or that include the words "believes," "expects," "anticipates," "estimates," "projects," "intends," "should" or similar expressions.  Important factors, in addition to those discussed in this document, could affect the future results of Aecon and could cause those results to differ materially from those expressed in any forward-looking statements.

For further information:

Mitch Patten
Senior Vice President,
Corporate Affairs
Aecon Group Inc.
416-297-2615
[email protected]
www.aecon.com