December 07, 2020
Bird Construction Enters Into $200 Million Committed Syndicated Credit Facility With $50 Million Accordion Feature
COMPANY: BIRD CONSTRUCTION INC.
LISTING: TORONTO STOCK EXCHANGE
DATE: DECEMBER 7, 2020
SUBJECT: BIRD CONSTRUCTION ENTERS INTO $200 MILLION COMMITTED SYNDICATED CREDIT FACILITY WITH $50 MILLION ACCORDION FEATURE
Bird Construction Inc. (“Bird”) today announced that it has entered into a three-year, $200 million committed, Syndicated Credit Facility (the “Credit Facility”) with Bank of Montreal (“BMO”) as the lead arranger, bookrunner and administrative agent, and includes The Toronto-Dominion Bank, ATB Financial and Canadian Imperial Bank of Commerce as syndicate lenders (the “Lenders”).
Under the terms of the Credit Facility, the Lenders will provide Bird with a $165 million committed, revolving credit facility and a $35 million committed, non-revolving term debt facility. There is also an additional accordion for up to an additional $50 million. This Credit Facility replaces the Company’s existing $100 million committed, revolving credit facility and $35 million committed, term debt facility. Upon closing of the new Credit Facility, $86 million was drawn, resulting in $114 million remaining available under the revolving Credit Facility and up to an additional $50 million under the accordion.
“After having successfully closed the transformative acquisition of Stuart Olson on September 25, 2020, we are pleased to announce our new syndicated credit facility with BMO and the syndicate lenders,” said Wayne Gingrich, Chief Financial Officer. “Building on the strength of our balance sheet, this new credit facility provides even greater financial flexibility. It enables Bird to capitalize on organic growth opportunities, particularly with government stimulus spending, and it also positions us to capitalize on additional accretive M&A opportunities. As we have previously stated, we will continue to take a balanced approach to capital allocation and will remain disciplined in building long-term shareholder value.”
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 contract surface mining; 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
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.
For further information contact:
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