North American Construction Group Ltd. Announces Credit Facility Extension
North American Construction Group (NOA) has extended and amended its senior secured credit facility to October 3, 2027. The facility's capacity has been increased to $525 million from $475 million, with additional secured equipment financing of $400 million available from third-party providers (up from $350 million). The credit facility includes Canadian and Australian dollar tranches, features a revolver with no scheduled repayments, and is not governed by a borrowing base. Financial covenants, tested quarterly, remain largely consistent with the previous agreement, except for replacing the fixed charge ratio with an interest coverage ratio.
North American Construction Group (NOA) ha esteso e modificato la sua linea di credito senior garantita al 3 ottobre 2027. La capacità della linea di credito è stata aumentata a 525 milioni di dollari rispetto ai 475 milioni precedenti, con ulteriori finanziamenti per attrezzature garantite di 400 milioni di dollari disponibili da fornitori terzi (rispetto ai 350 milioni precedenti). La linea di credito include tranche in dollari canadesi e australiani, presenta un revolver senza rimborso programmato e non è regolata da una base di prestito. I vincoli finanziari, verificati trimestralmente, rimangono in gran parte coerenti con l'accordo precedente, ad eccezione della sostituzione del rapporto di carico fisso con un rapporto di copertura degli interessi.
North American Construction Group (NOA) ha ampliado y modificado su línea de crédito senior asegurada hasta el 3 de octubre de 2027. La capacidad de la línea se ha incrementado a 525 millones de dólares desde los 475 millones anteriores, con financiamiento adicional de equipos asegurados de 400 millones de dólares disponible de proveedores externos (aumentando desde 350 millones). La línea de crédito incluye tramos en dólares canadienses y australianos, presenta un revolver sin reembolsos programados y no está regulada por una base de préstamos. Los convenios financieros, evaluados trimestralmente, permanecen en gran medida consistentes con el acuerdo anterior, excepto por reemplazar el ratio de carga fija con un ratio de cobertura de intereses.
북미 건설 그룹 (NOA)가 2027년 10월 3일까지의 고위험 유동 자금 조달을 연장하고 수정했습니다. 이 자금 조달의 용량은 4억 7500만 달러에서 5억 2500만 달러로 증가했으며, 제3자로부터의 추가 보장 장비 자금 조달은 3억 5000만 달러에서 4억 달러로 증가했습니다. 이 자금 조달에는 캐나다 및 호주 달러 지분이 포함되어 있으며, 상환 계획이 없는 회전신용 장치를 특징으로 하며 대출 기본에 의해 규제되지 않습니다. 재무 계약은 분기별로 검토되며, 이전 계약과 대체로 일관되지만, 고정비율을 이자 보장 비율로 교체하는 것 외에는 일관성을 유지합니다.
North American Construction Group (NOA) a prolongé et modifié son crédit senior garanti jusqu'au 3 octobre 2027. La capacité du crédit a été augmentée à 525 millions de dollars, contre 475 millions auparavant, avec un financement d'équipement supplémentaire garanti de 400 millions de dollars disponible auprès de fournisseurs tiers (contre 350 millions précédemment). Le crédit comprend des tranches en dollars canadiens et australiens, présente un revolving sans remboursement programmé, et n'est pas régi par une base d'emprunt. Les conventions financières, vérifiées trimestriellement, demeurent largement cohérentes avec l'accord précédent, à l'exception du remplacement du ratio de charge fixe par un ratio de couverture d'intérêts.
North American Construction Group (NOA) hat seine senior gesicherte Kreditlinie bis zum 3. Oktober 2027 erweitert und geändert. Die Kapazität der Kreditlinie wurde von 475 Millionen Dollar auf 525 Millionen Dollar erhöht, zusätzlich stehen gesicherte Gerätefinanzierungen in Höhe von 400 Millionen Dollar von Drittanbietern zur Verfügung (ein Anstieg von 350 Millionen). Die Kreditlinie umfasst Tranchen in kanadischen und australischen Dollar, verfügt über einen revolvierenden Kredit ohne festgelegte Rückzahlungen und wird nicht durch eine Kreditbasis reguliert. Die finanziellen Vereinbarungen, die vierteljährlich getestet werden, bleiben im Großen und Ganzen konsistent mit dem vorherigen Vertrag, abgesehen von der Ersetzung des festen Belastungsverhältnisses durch ein Zinsdeckungsverhältnis.
- Credit facility extended by one year to 2027
- Increased lending capacity by $50M to $525M
- Additional equipment financing limit increased by $50M to $400M
- No scheduled repayments required
- No borrowing base limitations
- None.
Insights
The credit facility extension and expansion represents a significant positive development for NACG's financial flexibility and growth strategy. The
The replacement of the fixed charge ratio with an interest coverage ratio typically suggests more favorable terms for the borrower. The extended maturity to October 2027 provides stable, long-term financing visibility. Particularly noteworthy is the facility's support for both Canadian and Australian operations, strategically positioning NACG for international growth while maintaining competitive financing costs.
ACHESON, Alberta, Oct. 25, 2024 (GLOBE NEWSWIRE) -- North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA.TO/NYSE:NOA) today announced it has finalized an extension and amendment of its senior secured credit facility (the “Credit Facility”). The maturity date has been extended by one year to October 3, 2027. In addition to the extension, the capacity has been increased to provide greater flexibility in operating the Company’s Australian and Canadian businesses.
“We would like to take this opportunity to once again thank National Bank Financial and our syndicate partners for their ongoing support,” Jason Veenstra, Chief Financial Officer stated. “It is encouraging to have all existing members extend. This low-cost facility is the foundation of our debt financing and provides the liquidity and term needed for our business.”
The Credit Facility provides lending capacity of
About NACG
NACG is one of Canada and Australia’s largest providers of heavy construction and mining services. For over 70 years, NACG has provided services to mining, resource, and infrastructure construction markets.
Jason Veenstra, CPA, CA
Chief Financial Officer
P: 780.960.7171
E: ir@nacg.ca
The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “expected”, “estimated” or similar expressions, including the anticipated revenues and backlog to be generated by the contract. The material factors or assumptions used to develop the above forward-looking statements and the risks and uncertainties to which such forward-looking statements are subject are highlighted in the Company’s MD&A for the year ended December 31, 2023 and quarter ending June 30, 2024. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedar.com.
FAQ
When does NOA's new credit facility extension expire?
What is the new lending capacity of NOA's credit facility?
How much additional equipment financing can NOA access from third parties?
What major change was made to NOA's financial covenants?
