Horizon North Logistics ups facility to C$175 million, extends to 2022

By Sarah Lizee

Olympia, Wash., June 30 – Horizon North Logistics Inc. negotiated a new credit facility with a syndicate of lenders led by Scotiabank, according to a press release.

Key features of the credit facility include an extended maturity date to Dec. 31, 2022 and an increase in credit availability to C$175 million from C$150 million.

“[The facility] 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,” R. William McFarland, chair of the board of Horizon North, said in the release.

“The improved flexibility with respect to financial and other covenants will also allow the corporation to pay dividends in the future.”

Calgary, Alta.-based Horizon North provides transport services to the oil and natural gas sector.

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