CIBC Wood Gundy closed a $1.5 billion revolving credit facility for Phillip Services last week.

A portion of the loan, which carries a five-year term, will be used to refinance existing bank debt and to pay out lenders to Allwaste Inc. and Serv-Tech, two companies recently acquired by Phillip. The remaining $715 million will be used for future acquisitions and for general corporate purposes.

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