North American Construction Group Ltd. (NACG) announced it has finalized an extension and amendment of its senior secured credit facility. The facility maturity date has been extended by one year with a new maturity date of Oct. 8, 2025. In addition to the extension of existing favorable terms, the overall capacity has been allocated to provide greater flexibility in operating the company’s joint ventures.

“We would like to take this opportunity to once again thank National Bank Financial and all of our syndicate partners for their ongoing backing,” said Jason Veenstra, Chief Financial Officer. “It is encouraging to have all existing members extend. This low-cost facility continues to provide the liquidity and term needed for our business.”

The Credit Facility maintains overall liquidity of $475 million while adjusting NACG’s borrowing capacity to $300 million (from $325 million) and increasing the allowance for equipment financing and joint venture financial support to $175 million (from $150 million). This allocation allows for greater flexibility in operating joint ventures and higher capacity for low-cost equipment financing. The Credit Facility remains comprised solely of a revolver with no scheduled repayments and is not governed by a borrowing base that limits available borrowings. Financial covenants are consistent with the previous agreement and are tested quarterly on a trailing four quarter basis.

North American Construction Group is one of Canada’s largest providers of heavy construction and mining services. For more than 65 years, NACG has provided services to the mining, resource, and infrastructure construction markets.