Everforth, a technology and digital engineering firm, completed the refinancing and upsizing of its $500 million revolving credit facility, with a new five-year $600 million facility, extending the maturity date from 2028 to 2031.
“The successful refinancing and upsizing of our credit facility reflects the strength of our balance sheet, the durability of our free cash flow generation and confidence in Everforth’s long-term growth strategy,” Ted Hanson, CEO of Everforth, said. “With enhanced financial flexibility and a disciplined approach to capital allocation, we are well positioned to support future growth while continuing to deploy capital in the best interests of our stockholders.”
Borrowings under the new revolving credit facility are priced at the Secured Overnight Financing Rate (SOFR) plus 175 to 275 basis points, dependent upon secured leverage borrowing levels. A commitment fee of 30 to 45 basis points is payable on the undrawn portion of the Revolver. The new facility, which is leverage neutral, will be used to refinance the existing $500 million revolving credit facility and $100 million term loan A.
The refinancing transaction was led by Wells Fargo Securities, Truist Securities, BofA Securities and JPMorgan Chase Bank.
