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BMO Leads Syndicated $200MM Credit Facility for Bird Construction

December 08, 2020, 08:45 AM
Filed Under: Construction

Bird Construction Inc. announced that it has entered into a three-year, $200 million committed, Syndicated Credit Facility with Bank of Montreal ("BMO") as the lead arranger, bookrunner and administrative agent, and including The Toronto-Dominion Bank, ATB Financial and Canadian Imperial Bank of Commerce as syndicate lenders.

Under the terms of the Credit Facility, the Lenders will provide Bird with a $165 million committed, revolving credit facility and a $35 million committed, non-revolving term debt facility. There is also an additional accordion for up to an additional $50 million. This Credit Facility replaces the Company's existing $100 million committed, revolving credit facility and $35 million committed, term debt facility. Upon closing of the new Credit Facility, $86 million was drawn, resulting in $114 million remaining available under the revolving Credit Facility and up to an additional $50 million under the accordion.

"After having successfully closed the transformative acquisition of Stuart Olson on September 25, 2020, we are pleased to announce our new syndicated credit facility with BMO and the syndicate lenders," said Wayne Gingrich, Chief Financial Officer. "Building on the strength of our balance sheet, this new credit facility provides even greater financial flexibility. It enables Bird to capitalize on organic growth opportunities, particularly with government stimulus spending, and it also positions us to capitalize on additional accretive M&A opportunities. As we have previously stated, we will continue to take a balanced approach to capital allocation and will remain disciplined in building long-term shareholder value."

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