On March 15, 2011, Héroux-Devtek Inc. (TSX: HRX), a leading Canadian manufacturer of aerospace and industrial products, announced that it had renewed and increased its credit facilities. The credit facilities were increased from $125 million to $150 million and, subject to lenders' consent, can be increased by an additional $75 million. These facilities will be used for working capital, capital expenditures and other general corporate purposes of Héroux-Devtek and its subsidiaries, including acquisitions. These facilities are secured by all assets of the Company and its subsidiaries.
National Bank Financial acted as sole lead arranger and bookrunner for the arrangement and implementation of the facilities. The syndicate of lenders includes National Bank of Canada, also acting as administrative agent, The Bank of Nova Scotia, The Toronto-Dominion Bank, Laurentian Bank of Canada, Caisse centrale Desjardins and Bank of America Merrill Lynch.
The syndicate of lenders was advised in this transaction by Fasken Martineau with a team that included David Lemieux, Félix Gutierrez, Alexandre Gagnon and Jay Choi (banking) and Alain Ranger (tax) in Montréal, and Jon Holmstrom and David Johnson (banking) in Toronto, with assistance on US matters from James J. Pastore and Michael J. Clain of Windels Marx Lane & Mittendorf, LLP (New York), Joshua Imhoff of Carrington, Coleman, Sloman & Blumenthal LLP (Texas) and Nicolas Steichen and François Guillaume de Liedekerke of Allen and Overy (Luxembourg).