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Enterprise Group, PNC Canada to Increase Facility to $35 Million

November 21, 2013, 07:27 AM
Filed Under: Energy Services
Related: PNC Canada

Leonard D. Jaroszuk, president and CEO of Enterprise Group, Inc. announced that the corporation has accepted a term sheet presented by PNC Bank Canada Branch (PNC) to increase its current senior secured finance facility from $20.0 million to $35 million at the existing interest rate of prime plus 2%. The finance facility increase is subject to final due diligence of a planned strategic acquisition.

Further to the existing terms, PNC has also agreed to the Corporation's 2014 capital expenditure program at $12.0 million. This capital expenditure increase will facilitate the aggressive growth plan to meet the demand for the services of Enterprise's business units.

Enterprise Group, Inc. is a consolidator of construction services companies operating in the energy, utility and transportation infrastructure industries.

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