CALGARY, ALBERTA--(Marketwire - May 18, 2012) - Maxim Power Corp. ("MAXIM") (MXG.TO - News) announced today that it has entered into a new credit agreement with the Bank of Montreal ("BMO"). This agreement provides for a new, $40 million, three-year committed revolving credit facility and a $3.5 million interest rate swap and foreign exchange facility. These facilities mature on May 31, 2015.
The revolving credit facility will be used to support MAXM's growth initiatives and pay out all previous BMO credit facilities. Facilities being repaid are an amortizing term loan ($19 million) and two facilities supporting letters of credit ($9 million).
Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power and power related projects. MAXIM currently owns and operates 40 power plants in western Canada, United States and France, having 788 MW of electric and 111 MW of thermal net generating capacity. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at www.maximpowercorp.com.
Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.
- revolving credit facility
Maxim Power Corp.
President and CEO
Michael R. Mayder
Maxim Power Corp.
Vice President, Finance and CFO