Sign Up for FREE Daily Energy News
Copper Tip Energy Services
Hazloc Heaters
WEC - Western Engineered Containment
Copper Tip Energy
WEC - Western Engineered Containment
Hazloc Heaters

Macro Industries Inc. Announces Commitment for New $145 Million Senior Secured Credit Facilities

FORT ST. JOHN, British Columbia, April 11, 2019 (GLOBE NEWSWIRE) —

New Senior Secured Credit Facilities

Macro Enterprises Inc. (TSXV: MCR) (the “Company” or “Macro”) is pleased to announce that its wholly-owned subsidiary, Macro Industries Inc. has entered into a commitment letter with HSBC Bank Canada (“HSBC”) for the provision of $145 million in new senior secured credit facilities.  HSBC has committed to structure and arrange the new credit facilities comprising a $65 million three-year revolving credit facility and a $80 million letter of credit facility, of which collectively $65 million will be provided by HSBC.

HSBC has arranged for a syndicate of lenders to provide the balance of the credit facilities. HSBC will act as lead arranger, bookrunner and administration agent.  Closing is expected to occur by April 30, 2019.

After closing, the Company will have the right, subject to customary conditions, to increase the amount of the revolving facility by up to $20 million and to increase the letter of credit facility by up to $10 million, bringing the total credit facilities to a maximum of $175 million, by securing increased commitments from one or more of the initial lenders or by securing one or more new lenders.

Macro has secured multiple significant projects in pipeline and facilities construction. The new revolving facility will provide enhanced flexibility and essential funding support as the Company realizes upon its large-scale project opportunities.  The secured credit facility is intended to facilitate the issuance of letters of credit to support qualifying projects.

The Company’s obligations under the credit facilities will be secured by a first priority ranking security interest in all property and assets of the Company and of its material subsidiaries.

The Company

Macro’s core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry in northeastern B.C. and northwestern Alberta.  The Company’s corporate office is in Fort St. John, British Columbia.  Its shares are listed on the TSX Venture Exchange under the symbol MCR.  Information on the Company’s principal operations can be found at

Forward-Looking Statement Cautions:

This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, including statements regarding the expected terms, closing and intended use of the new credit facilities may include forward-looking information that involves various risks and uncertainties. These risks and uncertainties include the risk that by reason of oil prices, global economic conditions, government regulation of energy and resource companies, weather patterns, terrorist activity, the price and availability of alternative fuels, the availability of pipeline capacity, potential instability or armed conflict in oil-producing regions, material changes in the Company’s affairs, the results of due diligence investigations or other circumstances leading to a lack of appetite for the provision of the credit facilities on the part of the prospective lenders, the announced credit facilities are reduced in scope or are not advanced.  They also include the risk that the Company is not the successful bidder or is otherwise not able to realize on potential growth opportunities identified by it.  These statements are based on the commitment letter in place and the current expectations of the Company’s management, and are expressly qualified in their entirety by this cautionary notice.  Although the Company believes that such statements are reasonable, the associated risks and uncertainties may cause actual results to differ from current expectations, and there can be no assurance that such forward-looking statements will prove to be accurate.  Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at for a more complete discussion of such risk factors and their potential effects.

For further information please contact:
Frank Miles
President and C.E.O.
Phone:  (250) 785-0033
Jeff Redmond, CPA, CA
(250) 785-0033

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Share This:

More News Articles

New SHOWCASE Directory Companies


Alliance Borealis Canada Corp.
U of C Executive Education
Kicker Video
Millennium Directional
RAE Engineering
John Brooks
Stress Engineering
DRYAIR Manufacturing Corp.