Shawcor Announces Amendment to Its Credit Facility - Seite 2

 

a first priority security interest in favour of the banking syndicate is to be provided against the majority of the personal property of the Borrowers and Guarantors under the credit facility; and
 

increased interest rates and standby and other fees.

The Company will incur fees and expenses of approximately $1.4 million in Q3 and Q4 2020 to implement these amendments. For further information regarding the credit facility amendments, please see the text of the amendments which will be filed shortly at www.sedar.com.

Shawcor Ltd. is a global company serving various sectors of the Infrastructure, Energy and Transportation markets through three reporting segments: Pipeline and Pipe Services, Composite Systems and Automotive and Industrial. The Company operates through a global network of fixed and mobile manufacturing and service facilities and is valued for its integrity, technology and proven capability to execute the most complex projects in its industry.

This news release contains forward-looking information within the meaning of applicable securities laws. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. Specifically, this news release contains forward-looking information in respect of the timing and costs necessary to implement the amendments to the Company’s credit facility. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company's experience and its perception of trends, current conditions and expected developments, including the timely completion of all steps necessary to implement the security interest in favour of the banking syndicate as required by the amendment, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information and readers are cautioned not to unduly rely on forward looking information. The forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law.