Loan & DebtJul 15, 2026, 04:02 PM
Stantec Extends Credit Facility Maturities, Amends Covenants
AI Summary
Stantec Inc. has executed Amending Agreement No. 3 to its Credit Agreement, significantly extending the maturity dates for its credit facilities. The Revolving Credit Maturity Date is now June 18, 2031, while the Term Credit (Tranche B) and (Tranche C) Maturity Dates have been extended to June 18, 2029, and June 18, 2031, respectively. The company also amended its Interest Coverage Ratio covenant, lowering the minimum requirement from 3.00 to 2.75, providing greater financial flexibility.
Key Highlights
- Revolving Credit Maturity Date extended from June 11, 2030 to June 18, 2031.
- Term Credit (Tranche B) Maturity Date extended from June 27, 2027 to June 18, 2029.
- Term Credit (Tranche C) Maturity Date extended from June 27, 2029 to June 18, 2031.
- Interest Coverage Ratio covenant amended from 3.00 to 2.75.
- Definitions for "Adjusted Term SOFR" and "Term SOFR Adjustment" were deleted.
- The definition of "Term SOFR" was updated to include SOFR Interpolated Rate and a Floor.
Price Impact
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