Jul. 4, 2011 (Canada NewsWire Group) --
TSX Symbol: HNL
CALGARY, July 4, 2011 /CNW/ - Horizon North Logistic Inc. ("Horizon" or the "Corporation") announced today changes to its credit facilities with its existing syndicate of Canadian chartered banks.
A new facility in the amount of $80 million replaces the previous aggregate $60 million of credit facilities, and includes a $35 million accordion feature, available upon request by the Corporation and subject to review and approval by the lenders.
The new facility is a 3 year, committed facility with an initial maturity date of June 30, 2014 and is extendable annually, at the Corporation's request, for an additional 1 year. The facility is secured by substantially all of the Corporation's assets and includes customary terms, conditions, and covenants.
The increased facility will be used to fund the Company's ongoing operations and capital programs.
Corporate Information
Additional information related to the Corporation, including the Corporation's annual information form, financial statements, and MD&A is available on SEDAR at www.sedar.com. Unless otherwise indicated, the consolidated financial statements have been prepared in accordance with IFRS and the reporting currency is in Canadian dollars.
please contact Bob German, President and Chief Executive Officer or Scott Matson, Vice President Finance and Chief Financial Officer, 1600, 505 - 3rd Street S.W., Calgary, Alberta T2P 3E6; Telephone: (403) 517 - 4654; Fax: (403) 517 - 4678; Website: www.horizonnorth.ca