Guelph, Ontario -- Armtec Infrastructure Inc. (TSX:ARF)(TSX:ARF.DB) announced today that its operating subsidiary, Armtec Holdings Limited ('Armtec' or the 'Company'), has completed a refinancing of its existing senior bank facility. Pursuant to the refinancing, Armtec has borrowed $125 million under a senior secured loan facility with a Brookfield Asset Management Inc. company. After repaying the senior bank facility in full, the Company has remaining proceeds of $28 million which are available for general corporate purposes and transactional costs.
'The closing of this financing is a very positive development for Armtec,' said Charles Phillips, President and CEO of Armtec. 'The Brookfield Facility provides us with enhanced financial flexibility and greater liquidity. With the financing completed, we are now re-focused on making the operational improvements to restore profitability and future long-term growth.'
ABOUT ARMTEC INFRASTRUCTURE INC.
Armtec is a leading manufacturer and marketer of a comprehensive range of infrastructure products and engineered construction solutions for customers in a diverse cross-section of industries that are located in every region of Canada, as well as in selected markets globally. These markets include Canada's national and regional public infrastructure markets and private sector markets in agricultural drainage, commercial building, residential construction and natural resources. Operating through its network of regional offices and production facilities across the country, Armtec's broad range of engineered solutions include products for drainage, bridge applications, soil retention, rehabilitation and water management systems including corrugated high-density polyethylene, corrugated steel and concrete pipe; an array of architectural and structural precast and pre-stressed concrete products from steps, paving stones, slabs and wall panels to highly engineered structural components designed and installed for projects such as bridges, sports venues and parking garages; and a full suite of noise barriers, acoustic enclosure and wall systems along with associated retaining wall and traffic barrier systems.