North American Energy gets C$163.4 million amended, restated facility

By Sara Rosenberg

New York, May 3 - North American Energy Partners Inc. closed on a C$163.4 million amended and restated credit facility, according to a news release.

Canadian Imperial Bank of Commerce acted as the lead bank on the deal.

The amendment and restatement increased total borrowing capacity by C$45 million and extended the maturity date to April 2013.

The facility consists of a new C$50 million term loan, C$28.4 million of existing term loan debt and a C$85 million revolver.

Proceeds from the new term loan, C$225 million of series 1 debentures and cash on hand were used to redeem the company's $200 million of 8¾% senior notes.

North American Energy is an Edmonton, Alta.-based provider of heavy construction, mining, piling and pipeline services.

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