Stuart Olson Announces Extension of its Revolving Credit Facility

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Stuart Olson Announces Extension of its Revolving Credit Facility

Canada NewsWire

CALGARY, July 14, 2016 /CNW/ - Stuart Olson Inc. (TSX: SOX, SOX.DB.A) ("Stuart Olson" or the "Company") today announced that it has negotiated improved terms and an extension of its revolving credit facility (the "Revolver"). The Revolver now consists of a $150 million credit facility syndicated by six lenders from the existing facility and a $25 million operating facility provided by HSBC Bank of Canada. The combination of these two facilities maintains a maximum available borrowing capacity for the Company of $175 million, and the syndicated portion of the facility continues to include a $75 million accordion feature. The maturity date of the Revolver has been extended to July 16, 2021.

About Stuart Olson Inc.

Stuart Olson Inc. provides general contracting and electrical building systems contracting in the public and private construction markets as well as electrical, mechanical and specialty trades, such as insulation, cladding and asbestos abatement, in the industrial construction and services market. The Company operates office locations throughout British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Stuart Olson's common shares and convertible debentures are listed on the Toronto Stock Exchange under the symbols "SOX" and "SOX.DB.A", respectively. www.stuartolson.com

SOURCE Stuart Olson Inc.

Copyright CNW Group 2016

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