Shawcor Ltd. announced that it has closed on the previously announced credit facility (the “Credit Facility”) with The Toronto-Dominion Bank and National Bank of Canada as co-lead arrangers and HSBC Bank Canada, JPMorgan Chase Bank, The Bank of Nova Scotia and Export Development Bank as lenders. The Credit Facility replaces Shawcor’s existing credit facility and provides for a US$500 million, four-year senior unsecured revolving facility.  The Credit Facility will be used to fund the previously announced acquisition of ZCL Composites Inc. and for other general corporate purposes.  Shawcor also confirms the previously announced repayment on March 7, 2019 of its Senior Notes debt, including accrued interest and make whole payment, in the total amount of US$205 million.

Shawcor Ltd. is a global energy services company specializing in products and services for the pipeline and pipe services segment of the oil and gas industry and related products for the petrochemical and industrial market. The Company operates through a global network of fixed and mobile manufacturing and service facilities and is valued for its integrity, technology and proven capability to execute the most complex projects in its industry.