Bird Construction Expands Committed Syndicated Credit Facility to $235 Million and Extends Maturity Into 2024
MISSISSAUGA, ON, Sept. 1, 2021 /CNW/ - Bird Construction Inc. ("Bird") today announced that it has extended its Syndicated Credit Facility (the "Credit Facility") by an additional year and expanded the committed Credit Facility to $235 million. Bank of Montreal ("BMO") is acting as lead arranger, bookrunner, and administrative agent, and the syndicate also includes Toronto-Dominion Bank, ATB Financial, and Canadian Imperial Bank of Commerce as syndicate lenders (together with BMO, the "Lenders").
Under the terms of the Credit Facility, the Lenders will provide Bird with a $185 million committed, revolving credit facility, and a $50 million committed, non-revolving term debt facility. There is also an additional uncommitted accordion for up to $50 million. This Credit Facility replaces the Company's existing $165 million committed, revolving credit facility and $35 million committed, term debt facility. The Credit Facility matures on September 1, 2024.
"After having successfully closed the acquisition of Dagmar Construction Inc., which is our second acquisition in the past twelve months, we are pleased to have the support of BMO and our syndicate lenders in adding scale and flexibility to our credit facility," said Wayne Gingrich, Chief Financial Officer of Bird. "Our balance sheet remains strong, and these changes to our credit facility will allow us to capitalize on a robust bidding pipeline and improving growth prospects as we continue to build long-term shareholder value."
This press release contains forward-looking information (as defined in applicable Canadian securities legislation) that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance, or achievements to materially differ from those expressed or implied by the forward-looking information.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
ABOUT BIRD CONSTRUCTION
Bird (TSX: BDT) is a leading Canadian construction company operating from coast-to-coast and servicing all of Canada's major markets. Bird provides a comprehensive range of construction services from new construction for industrial, commercial, and institutional markets; to industrial maintenance, repair and operations services, heavy civil construction, and mine support services; as well as vertical infrastructure including, electrical, mechanical, and specialty trades. For over 100 years, Bird has been a people-focused company with an unwavering commitment to safety and a high level of service that provides long-term value for all stakeholders. www.bird.ca
SOURCE Bird Construction Inc.
T.L. McKibbon, President & CEO or W.R. Gingrich, CFO, Bird Construction Inc., 5700 Explorer Drive, Suite 400, Mississauga, ON L4W 0C6, Phone: (905) 602-4122
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