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Press release from CNW Group

Churchill Announces Improved Terms for its $200 Million Credit Facility

Friday, July 13, 2012

Churchill Announces Improved Terms for its $200 Million Credit Facility06:30 EDT Friday, July 13, 2012Changes Include 25 Basis Point Interest Rate ReductionCALGARY, July 13, 2012 /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 remains the same and the Revolver continues to include a $75 million accordion feature. Changes to the Revolver, which became effective July 12, 2012, include a 25 basis point reduction in the applicable interest rate, a one-year extension of the facility (new maturity date of July 12, 2016), and additional flexibility on consents regarding dividends and acquisitions.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, and northern Ontario. Churchill common shares and convertible debentures are listed on the Toronto Stock Exchange under the symbols "CUQ" and "CUQ.DB", respectively. www.churchillcorporation.com For further information: James C. Houck, B.Sc., MBA President and Chief Executive Officer The Churchill Corporation (403) 685-7777 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