TORONTO, ONTARIO--(Marketwire - May 24, 2012) - On May 24, 2012, Wajax (TSX:WJX) increased the limit of the revolving term portion of its bank credit facility by $50 million on substantially the same terms and conditions as the existing facility. The fully secured facility, due August 12, 2016, is now comprised of a $30 million non-revolving term portion and a $195 million revolving term portion. At March 31, 2012, Wajax had utilized $101 million of the facility.
Commenting on the increase, Mark Foote, President and CEO, stated: In addition to taking advantage of the currently favourable borrowing conditions, the $50 million increase will provide Wajax with additional borrowing capacity to fund future growth, including increases in working capital and acquisitions.
Wajax Corporation is a leading Canadian distributor and service support provider of mobile equipment, power systems and industrial components. Reflecting a diversified exposure to the Canadian economy, its three distinct core businesses operate through a network of 117 branches across Canada. Its customer base spans natural resources, construction, transportation, manufacturing, industrial processing and utilities.
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