Brief: Maxim Power Corp Announces Milner 2 CCGT Project EPC Contract And Financing Arrangements

Maxim Power

01/07/2021 02:15

July 1 (Reuters) - Maxim Power Corp  MXG.TO :
    * ANNOUNCES MILNER 2 CCGT PROJECT EPC CONTRACT AND FINANCING
ARRANGEMENTS
    * CURRENT ESTIMATED COST OF CCGT EXPANSION PROJECT IS $125
MILLION
BEFORE FINANCING COSTS
    * ANTICIPATES EXPANSION WILL COMMENCE COMMERCIAL OPERATIONS
DURING
DECEMBER 2022
    * CCGT EXPANSION PROJECT IS BEING FINANCED WITH DEBT,
EXISTING
CASH, AND CASH FLOW FROM OPERATIONS DURING CONSTRUCTION PERIOD
    * AS OF THIS DATE, MAXIM FORECASTS IT WILL HAVE SUFFICIENT
LIQUIDITY TO COMPLETE CCGT EXPANSION PROJECT
    * MAXIM HAS AMENDED ITS SENIOR SECURED CREDIT FACILITY
    * AMENDED SENIOR SECURED CREDIT FACILITY HAS BEEN ARRANGED
BY ATB
AND FIERA PRIVATE DEBT
    * AGGREGATE BORROWING BASE THEREUNDER HAS BEEN INCREASED TO
$105
MILLION TO PROVIDE FOR CONSTRUCTION FINANCING
    * ALL LOANS UNDER SENIOR SECURED CREDIT FACILITY MATURE ON
JUNE
30, 2026
    * EPC CONTRACT VALUE IS ABOUT $86 MILLION AND REMAINING COST
OF
$39 MILLION ARE OWNER'S COSTS FOR ACTIVITIES THAT MAXIM IS
RESPONSIBLE FOR

Source text for Eikon:  ID:nGNXcg4f32 
Further company coverage:  MXG.TO 

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