ABM Industries Amends Credit Agreement to Enhance Financial Flexibility

Nachrichtenquelle: globenewswire
28.05.2020, 22:32  |  122   |   |   

NEW YORK, May 28, 2020 (GLOBE NEWSWIRE) -- ABM (NYSE: ABM), a leading provider of facility solutions, announced today it has successfully completed an amendment to its senior, secured credit agreement.  The Company is a party to a syndicated credit facility comprised of an $800 million revolving line of credit and an $800 million amortizing term loan, both of which mature on September 1, 2022.  On March 24, 2020, as a precautionary measure, the Company elected to fully draw on its remaining revolving line of credit adding approximately $300 million of capacity to its balance sheet.  As of April 30, 2020, the Company had in excess of $500 million on its balance sheet. 

The amendment is expected to enhance financial flexibility as the Company continues to navigate the COVID-19 pandemic, in addition to addressing a scheduled stepdown to its maximum total leverage ratio by July 31, 2020.  Among other aspects, the amendment revises certain covenants under its existing credit agreement, including changes to maximum permitted total net leverage, including the ability to net up to $100 million of cash, and decreasing the minimum fixed charge coverage ratio.  The amendment also preserves the Company’s ability to consider dividends, while limiting share purchases and mergers and acquisitions until leverage is below a certain threshold.

D. Anthony Scaglione, Executive Vice President and Chief Financial Officer of ABM Industries, commented, “I would like to thank our entire bank syndicate for their continued support and confidence in ABM.  I also want to recognize our ABM team members as we worked diligently to complete this transaction.  We have a bright future ahead and this amendment will further enable us to achieve our goals while navigating these unprecedented times.” 

Susie A. Kim, Vice President of Investor Relations and Treasurer, added, “We are pleased with the overwhelming partnership across our bank group and appreciate the increased flexibility this amendment affords us over the short and long term.  This amendment, coupled with ABM’s flexible and resilient business model, will benefit us as we manage our business strategically through the COVID-19 pandemic and into our future.”

The amendment is in effect as of May 28, 2020.

Bank of America, N.A. acted as Administrative Agent.

ABOUT ABM

ABM (NYSE: ABM) is a leading provider of facility solutions with revenues of approximately $6.5 billion and approximately 140,000 employees in 350+ offices throughout the United States and various international locations. ABM’s comprehensive capabilities include janitorial, electrical & lighting, energy solutions, facilities engineering, HVAC & mechanical, landscape & turf, mission critical solutions and parking, provided through stand-alone or integrated solutions. ABM provides custom facility solutions in urban, suburban and rural areas to properties of all sizes - from schools and commercial buildings to hospitals, data centers, manufacturing plants and airports. ABM Industries Incorporated, which operates through its subsidiaries, was founded in 1909. For more information, visit www.abm.com.

Seite 1 von 3
ABM Industries Aktie jetzt ab 0€ handeln - auf Smartbroker.de



Diesen Artikel teilen
Wertpapier

Mehr zum Thema
Klicken Sie auf eines der Themen und seien Sie stets dazu informiert. Mehr Informationen hier.
COVID-19


0 Kommentare

Schreibe Deinen Kommentar

Bitte melden Sie sich an, um zu kommentieren. Anmelden | Registrieren

 

Disclaimer

Meistgelesene Nachrichten des Autors

Titel
Titel
Titel