Horizon North Logistics extends and modifies credit facility

Chicago, Oct. 3 – Horizon North Logistics Inc. amended and extended its credit facility, according to a company press release.

While the existing revolving commitment of C$150 million has been maintained, the maturity date has been extended a year to Sept. 30, 2021.

Additionally, the amendment has adjusted the permitted senior debt to consolidated adjusted EBITDA ratio to a maximum of 4.25x for the third quarter of 2019, 5.25x in the fourth quarter of 2019, 4.5x in the first quarter of 2020, 3.75x in the second quarter of 2020, 3.50x in the third quarter of 2020 and 3x in the fourth quarter of 2020 and thereafter.

The permitted total debt to consolidated adjusted EBITDA ratio has also been adjusted to a maximum of 4.25x for the third quarter of 2019, 5.25x in the fourth quarter of 2019, 4.5x in the first quarter of 2020 and 4.25x in the second quarter of 2020 and thereafter.

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

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