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Horizon North Logistics Inc
Symbol HNL
Shares Issued 324,346,871
Close 2020-06-30 C$ 0.61
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Horizon North arranges credit facility with Scotiabank

2020-06-30 17:26 ET - News Release

Mr. Rod Graham reports

HORIZON NORTH LOGISTICS INC. ANNOUNCES NEW CREDIT FACILITY

Horizon North Logistics Inc. has negotiated a new credit facility with a syndicate of lenders led by Scotiabank. Key features of the credit facility include an extended maturity date to Dec. 31, 2022, and an increase in credit availability from $150-million to $175-million.

"This new credit facility is a critical milestone as we integrate the operations of Horizon North and Dexterra, and will provide increased capacity for the future operating and capital requirements of the corporation," said R. William McFarland, chair of the board of Horizon North. "It gives the corporation flexibility as we operate in the current COVID-19 business environment and execute on the long-term growth strategy to create a strong pan-Canadian support services company. The improved flexibility with respect to financial and other covenants will also allow the corporation to pay dividends in the future."

About Horizon North Logistics Inc.

Horizon North is a publicly listed corporation operating a pan-Canadian support service platform across 11 provinces and territories and diversified end markets.

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