North American Construction announces credit facility extension

North American Construction (NOA) Group finalized an extension and amendment of its senior secured credit facility. The maturity date has been extended by one year to October 3, 2027. In addition to the extension, the capacity has been increased to provide greater flexibility in operating the Company’s Australian and Canadian businesses. The Credit Facility provides lending capacity of $525M through Canadian and Australia dollar tranches and allows for an additional $400M of secured equipment financing from third party providers. The facility is comprised of a revolver with no scheduled repayments and is not governed by a borrowing base that limits available borrowings. Financial covenants are tested quarterly on a trailing four quarter basis and are generally consistent with the previous agreement except for the fixed charge ratio being replaced with an interest coverage ratio.