BofA Agents Amended Credit Agreement for ABM
ABM announced it amended its existing unsecured credit agreement, increasing borrowing capacity to $800 million, extending the maturity to 2018 and reducing certain pricing components, including moving to a flat 1% for letters of credit, subject to certain utilization restrictions.
Bank of America acted as administrative agent for the amendment, and US Bank was added as a co-documentation agent.
“We are extremely pleased with the results of the amendment,” said James Lusk, EVP and CFO, ABM Industries. “The amended facility, which was significantly oversubscribed, enhances our flexibility going forward and provides additional capacity for strategic initiatives.”
Anthony Scaglione, SVP of mergers and acquisitions and treasurer, said, “The amendment continues to demonstrate the support and confidence of our syndicate of banks. In addition, by working with the company on a novel split grid pricing between borrowings and letters of credit, our bank group demonstrated the willingness to think outside the box in arriving at this unique solution.”
ABM provides facilities to commercial cleaning, facilities engineering, energy solutions, HVAC, electrical, landscaping, and parking and security entities.