Stantec Increases Credit Facility to C$350 Million and Extends Maturity Date (STN)
Stantec (NYSE: STN) announced today that it has reached an agreement to increase the limit of its existing revolving credit facility from C$300 million to C$350 million and extend the maturity date to August 2013. The agreement also includes a provision for the Company to obtain access to an additional C$75 million under the same terms and conditions upon approval from its lenders.
"The increase to our credit facility is part of a long-term financing strategy that gives us the flexibility and capacity to reach our goal of becoming and remaining a top 10 global design firm," says Dan Lefaivre, Stantec senior vice president and chief financial officer. "The increased commitment from our syndicate partners demonstrates their confidence in our ability to execute our business plan."
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