Gaz Métro inc. (GMi ) of Canada said that it has entered into a new credit agreement with its bank syndicate providing for a $600 million secured revolving credit facility.
The new credit facility, which replaces the $400 million credit facility originally put in place on December 21, 2004, is guaranteed by Gaz Métro Limited Partnership and is comprised of a revolving loan available to GMi and a swingline loan available to GMi and Gaz Métro, the company said in a statement.
Besides the $200 million increase in the size of the facility and the extended maturity, the terms of the new credit agreement are substantially similar to the agreement previously in place.
The new credit facility is also secured by collateral security backed by the assets of GMi and Gaz Métro.
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LNG World News Staff, March 4, 2012; Image: Gaz Métro