Héroux-Devtek increases its credit facilities
Jan. 22, 2008, Longeuil, Que.- Héroux-Devtek Inc. announced yesterday that it has received approval from its syndicate of banks to increase its existing $80 million Credit Facilities to an amount of up to $125 million.
January 22, 2008 By Carey Fredericks
Jan. 22, 2008, Longeuil, Que.- Héroux-Devtek Inc. announced yesterday
that it has received approval from its syndicate of banks to increase
its existing $80 million Credit Facilities to an amount of up to $125
million. The final amount must be confirmed by the Company before March 31, 2008.
These Credit Facilities allow Héroux-Devtek and its subsidiaries to
borrow (either in Canadian or US currency equivalent) from a group of banks
for working capital, capital expenditures and other general corporate purposes
including acquisitions. These Credit Facilities are secured by all assets of
the Company, and its subsidiaries, are subject to certain restrictive
covenants and corporate guarantees granted by the Company and its subsidiaries
and mature on October 4, 2011.
The group of banks includes the National Bank of Canada, which is also
acting as the administrative agent, Bank of Nova Scotia, the Toronto-Dominion
Bank and the Laurentian Bank of Canada.
Héroux-Devtek (TSX: HRX), a Canadian company, serves two main market
segments: Aerospace and Industrial Products, specializing in the design,
development, manufacture and repair of related systems and components.
Héroux-Devtek supplies both the commercial and military sectors of the
Aerospace segment with landing gear systems (including spare parts, repair and
overhaul services) and airframe structural components. The Company also
supplies the industrial segment with large components for power generation
equipment and precision components for other industrial applications.
Approximately 70% of the Company's sales are outside Canada, mainly in the
United States. The Company's head office is located in Longueuil, Québec with
facilities in the Greater Montreal area (Longueuil, Dorval, Laval and
Rivière-des-Prairies); Kitchener and Toronto, Ontario; Arlington, Texas and