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Press release from CNW Group

Churchill Improves Terms of $200 Million Credit Facility

Wednesday, July 13, 2011

Churchill Improves Terms of $200 Million Credit Facility06:00 EDT Wednesday, July 13, 2011CALGARY, July 13, 2011 /CNW/ - The Churchill Corporation (TSX: CUQ, CUQ.DB) ("Churchill" or the "Corporation") today announced that it has negotiated improved terms and conditions for its $200 million senior secured revolving credit facility (the "Revolver"). The syndicate of lenders (the "Syndicate") remains the same and the Revolver continues to include a $75 million accordion feature. Changes to the Revolver, which become effective today, include a 100 basis point reduction in the applicable interest rate, relaxation or elimination of certain financial covenants, an increase in the term from 3 years to 4 years (new maturity date of July 12, 2015), and additional flexibility on consents regarding dividends and acquisitions."The timing was right to renegotiate the Revolver and we are pleased that the Syndicate was able to meet our request for more accommodative pricing, terms and conditions," said Jim Houck, Churchill's President and Chief Executive Officer. "The revised facility gives us more flexibility and reduced costs, providing enhanced shareholder value as we continue to accretively grow our business."About The Churchill CorporationThe Churchill Corporation provides building construction, commercial and industrial electrical contracting, earthmoving and industrial insulation services to an array of public and private sector clients. Churchill operates office locations throughout British Columbia, Alberta, Saskatchewan, Manitoba, northwest Ontario and the Yukon. Churchill common shares are listed on the Toronto Stock Exchange under the symbol "CUQ" and Churchill convertible debentures are listed on the Toronto Stock Exchange under the symbol "CUQ.DB". www.churchillcorporation.comForward Looking InformationCertain statements in this Press Release may constitute "forward-looking statements". Forward-looking statements include, without limitation, statements regarding the future financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and objectives of the Corporation. Many of these statements can be identified by looking for words such as "believes," "expects," "may," "will," "intends," "anticipates," "estimates," "continues," or the negative thereof, or other variations thereon. Although management of Churchill believes its expectations regarding future performance of the Corporation are based on reasonable assumptions and currently available competitive, financial and economic data, market conditions and operating plans, it can give no assurance its expectations will be achieved. The Corporation cautions that, by their nature, forward-looking statements, involve risks, and uncertainties and that its actual actions, and/or results could differ materially from those expressed or implied in such forward-looking statements, and that the aforementioned risks, uncertainties and actions could affect the extent to which a particular projection materializes. The Corporation assumes no obligation to update the forward-looking statements should circumstances or the Corporation's management's estimates or opinions change, except as may be required by law. For further information: Andrew Apedoe Vice President Investor Relations & Secretary The Churchill Corporation (403) 685-7775 Email: inquiries@churchill-cuq.com   Ken Wetherell, CFA Director, Investor Relations The Churchill Corporation (403) 685-7776 Email: inquiries@churchill-cuq.com