Armtec gets one-month covenant waiver, cuts revolver to C$130 million

By Susanna Moon

Chicago, July 1 - Armtec Infrastructure Inc. said it secured an agreement with the lenders of its senior credit facilities that waives compliance with the financial covenants on June 30. The covenants will be measured next on July 31.

The agreement reduces the company's revolving credit facility to C$130 million from C$175 million and allows drawdowns of up to C$72 million total until July 8 and up to C$80 million total until July 15, according to a company press release.

These amounts are expected to meet the company's projected needs during this period, the release noted.

Future limits for drawdowns will be determined by the lenders.

The term facility remains unchanged.

Armtec said it continues to work with lenders to amend the credit facilities so that it remains in compliance with its financial covenants.

The manufacturer and marketer of infrastructure products and engineered construction solutions is based in Guelph, Ont.

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