Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, announced today that the company has significantly improved and expanded its credit resources by entering into an agreement that provides two new credit facilities.
The first facility, which replaces the existing facility, provides a 5-year revolving credit of $500 million, made available by a syndicate of North American and European financial institutions led by the Royal Bank of Canada and Credit Suisse.
The second facility provides a 7-year term credit of $150 million, and will be made available by Caisse De Depot Et Placement Du Quebec and Prudential Insurance Company of America.
Each of the facilities contains an additional $100 million accordion feature which can be activated on very short notice, expanding the total credit available under these facilities to $850 million.
MDA’s Chief Financial Officer Anil Wirasekara, said: “These facilities not only provide us with increased long term financial resources to execute our business plan, but they also allow us to draw on these resources in our primary growth regions, i.e., the United Kingdom and the United States. Furthermore, the non-secured nature of these facilities reflects the quality of our credit.”
MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organizations worldwide.
Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of earth and space based information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
MDA employs more than 3,000 people in locations across the United States, the United Kingdom, and Canada. The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.
This release contains forward-looking statements and information, which reflect the current view of MacDonald, Dettwiler and Associates Ltd. with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and MDA's actual results of operations could differ materially from historical results or current expectations. Additional information on these and other potential factors that could affect MDA's financial results are detailed in documents filed from time to time with the applicable Canadian securities regulatory authorities.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.