Wells Agents Furmanite Facility Expansion
Furmanite announced an expansion and extension of its subsidiaries’ syndicated credit facility, with new administrative agent Wells Fargo Bank. Under the amendment, which was effective March 13, 2015, the revolving credit line capacity has increased to $150 million from $100 million, and the term has been extended to March 2020 from February 2017. Joining Wells Fargo Bank, as lenders in the facility are HSBC, BB&T and Bank of Texas.
The amendment also includes, among other changes, favorable adjustments to interest rate margins and commitment fee percentages, as well as certain less restrictive terms, which provide added flexibility to the Company in its use of capital.
Joseph E. Milliron, the company’s CEO and president said, “Our enhanced credit agreement is a key component of our strategic growth plan. The increased capacity, extended tenor and less restrictive terms provide us with additional flexibility necessary to make strategic decisions, which will aid in achieving our goals and in turn enhance shareholder value.” Mr. Milliron concluded, “We also believe this demonstrates an affirmation of confidence from our lenders in the Company’s solid operational capabilities and strategic direction.”
Furmanite is a specialty industrial services and specialty engineering project solutions company, providing solutions to customer needs through more than 80 offices on six continents.