Aecon Group Inc.
TSX : ARE

Aecon Group Inc.

August 14, 2008 17:00 ET

Aecon Announces Closing of New Senior Credit Facility

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2008) -

Attention Business Editors:

Aecon Group Inc. ("Aecon") (TSX:ARE) announced today that it has signed new three-year $100 million senior credit facility that will increase Aecon's total credit availability by approximately $35 million and improve its flexibility with respect to debt management.

The new $100 million revolving operating line of credit replaces Aecon's previous facility, which included a $15 million term debt facility and a $50 million revolving operating line. The new facility, which expires June 15, 2011, also extends by one year (until December 15, 2009) the expiry date of the special $25 million Letter of Credit facility that enabled Aecon to replace guarantees made by Hochtief in connection with certain financial and performance obligations of the Nathpa Jhakri joint venture in India.

In addition to increasing Aecon's ready access to capital, the new facility also improves Aecon's competitive advantage to respond to new contract opportunities that require performance security in the form of letters of credit.

The new credit facility is provided by a syndicate comprised of Caterpillar Financial Services Limited (CAT) as Co-Lead Arranger and Administrative Agent, The Toronto Dominion Bank (TD) as Co-Lead Arranger, ABN AMRO Bank N.V., and National Bank of Canada.

"This new facility is a positive step forward for Aecon. It further supplements our strong balance sheet, increases our access to capital and provides greater flexibility in how we manage our debt," said Scott Balfour, President and CFO, Aecon Group Inc. "The confidence demonstrated in Aecon by these four respected leaders in the financial community, particularly in the context of the current difficulty in the debt markets generally, is also an important vote of confidence in Aecon's financial strength and positive outlook."

Aecon Group Inc. is Canada's largest publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and internationally. Aecon is pleased to be recognized as one of the 50 Best Employers in Canada as published by Report on Business Magazine.

The information in this news release includes certain forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties which are discussed in greater detail in the section entitled "Risk Factors and Uncertainties" in Management's Discussion and Analysis of operating results and Financial Condition for the year ended December 31, 2007 filed on SEDAR at www.sedar.com. Although Aecon believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct.

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