JPMorgan Agents Matrix Service Facility Amendment
Matrix Service announced that it executed an amendment to its existing credit agreement to increase its existing senior secured revolving credit facility from $125 million to $200 million and extend the maturity date from November 7, 2016 to March 13, 2019. Additionally, the amendment lowers the applicable rates on borrowings, the letters of credit fees and the unused facility fees.
The facility continues to be led by JPMorgan Chase Bank, N.A. as Administrative Agent. J.P. Morgan Securities acted as sole lead arranger and bookrunner to structure, arrange and syndicate the increased and extended credit facility.
Proceeds may be used for working capital, acquisitions, capital expenditures, issuance of letters of credit and other lawful corporate purposes.
“Through this transaction we were able to expand our liquidity and improve our debt pricing, which are important to and support our organic and acquisition growth strategies”, said John Hewitt, president and CEO of Matrix Service.