Team: Daniel P. Cipollone
On June 27, 2018, global design firm Stantec Inc. entered into an amended and restated credit agreement with its syndicate of lenders led by Canadian Imperial Bank of Commerce as administrative agent, sole lead arranger and sole bookruner. The agreement extends Stantec’s revolving credit maturity date to June 27, 2023, its $150 million term credit (tranche B) maturity date to June 27, 2022, and its $160 million term credit (tranche C) maturity date to June 27, 2023. The revolver component remains at $800 million and the accordion feature has increased to $400 million. The agreement also removes all provisions regarding the granting of security and collateral by Stantec and its subsidiaries, making all facilities unsecured.
Cassels Brock acted for Stantec with a deal team that included Mark Rasile and Daniel Cipollone (Financial Services).