- Upsizes available liquidity, with an increase in borrowing capacity of approximately
$100 million, to $315 milliontotal
- Immediately lowers the effective credit spread by 25 basis points
- Significantly reduces required quarterly term loan amortization
- Adds covenant flexibility and accelerates timeline to enable acquisitions
The new credit facility consists of
The new credit facility significantly expands the total committed credit by almost
This credit facility also provides the Company with leverage flexibility by increasing the maximum allowable total funded debt to 4.0 times adjusted EBITDA for the third quarter of 2022 through the second quarter of 2023 measurement periods, with a step down to 3.75 times for the third quarter of 2023 and all periods thereafter. The prior credit agreement had a maximum allowable total funded debt of up to 3.5 times adjusted EBITDA through maturity. The Company also retained a
“We are very pleased to maintain strong banking relationships with each of the seven premier financial institutions included within our bank syndicate,” said
“This new financing enables MISTRAS to continue to pursue our strategic initiatives in data solutions and renewable energy, allows us to continue to serve our end markets, and provides the ability to continue winning over new customers and enhancing value to our existing customers,” said
MISTRAS continues to invest in data solutions, including the OneSuite™ software ecosystem and Sensoria™ Wind Blade Monitor and Insights Web Portal. This new credit agreement provides the Company with the ability to continue to grow and scale these growth initiatives for both near- and long-term success.
Backed by an innovative, data-driven asset protection portfolio, proprietary technologies, strong commitment to Environmental, Social, and Governance (ESG) initiatives, and a decades-long legacy of industry leadership, MISTRAS leads clients in the oil and gas, aerospace and defense, renewable and nonrenewable power, civil infrastructure, and manufacturing industries towards achieving operational and environmental excellence. By supporting these organizations that help fuel our vehicles and power our society; inspecting components that are trusted for commercial, defense, and space craft; building real-time monitoring equipment to enable safe travel across bridges; and helping to propel sustainability, MISTRAS helps the world at large.
MISTRAS enhances value for its clients by integrating asset protection throughout supply chains and centralizing integrity data through a suite of Industrial IoT-connected digital software and monitoring solutions. The company’s core capabilities also include non-destructive testing field and in-line inspections enhanced by advanced robotics, laboratory quality control and assurance testing, sensing technologies and NDT equipment, asset and mechanical integrity engineering services, and light mechanical maintenance and access services.
For more information about how MISTRAS helps protect civilization’s critical infrastructure and the environment, visit https://www.mistrasgroup.com/.
Group Vice-President of
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Source: MISTRAS Group, Inc.