Shawcor Ltd. has entered into a commitment letter with The Toronto-Dominion Bank and National Bank of Canada as co-lead arrangers providing a USD 500 million, four-year senior unsecured revolving credit facility (the "Credit Facility"). The Credit Facility will be used to fund the Arrangement and replace Shawcor's existing senior credit facility. Shawcor anticipates that a portion of the Credit Facility will be syndicated to other banks or financial institutions. National Bank Financial Inc. is acting as financial advisor to Shawcor. Stikeman Elliott LLP is acting as legal advisor to Shawcor.