Stantec restates credit agreement, making all facilities unsecured

By Wendy Van Sickle

Columbus, Ohio, June 28 – Stantec Inc. entered into an amended and restated credit agreement that removes the provisions regarding the granting of collateral by Stantec and its subsidiaries, making all facilities unsecured, according to a news release.

The amendment also extends the company’s C$800 million revolving credit facility and C$160 million term credit facility to June 27, 2023, and its C$150 million term credit facility to June 27, 2022.

The accordion feature was increased to C$400 million.

Additionally, the amended agreement lessens cash management constraints and provides expanded operational flexibility.

Canadian Imperial Bank of Commerce acted as lead arranger, bookrunner and administrative agent.

“We believe this amendment provides Stantec with further financial flexibility to operate our business and drive future revenue growth in support of our long-term strategic objectives,” Dan Lefaivre, Stantec executive vice president and chief financial officer, said in the release.

Stantec is an Edmonton, Alta.-based professional services company.

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