Daily News: November 6, 2018

BofA, US Bank Arrange $100MM Credit Facility for EnviroStar

Bank of America and U.S. Bank acted as joint lead arrangers on a new five-year, $100 million syndicated credit facility for EnviroStar. Fifth Third Bank also participated in the facility.

The facility includes a $100 million revolving line of credit and an accordion feature, which at EVI’s option, can expand commitments in the revolver to $140 million in the aggregate. The facility replaced the company’s existing $27 million asset-based credit facility with Wells Fargo that was scheduled to mature in October 2021.

Henry M. Nahmad, EnviroStar’s chairman and CEO, commented, “This new credit facility significantly increases one component of our financial resources. Although EVI still upholds a debt conservative financial strategy, this new credit facility, with strong participating lenders, attractive rates, and flexible terms, gives us additional flexibility to fulfill the financial needs of our growing business. We appreciate the support and confidence of our new lenders and we look forward to working with them in the pursuit of growth through our buy and build strategy.”

EnviroStar distributes, sells, leases and rents commercial, industrial and vended laundry and dry cleaning equipment, along with steam and hot water boilers.