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CECO Environmental Announces New $190 Million Credit Agreement
DALLAS, June 12, 2019 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECE) ("CECO" or the "Company"), today announced the successful closing of a new $190
About this update from Ceco Environmental Corp.
[{"type":"text","content":" DALLAS, June 12, 2019 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECE) (\"CECO\" or the \"Company\"), today announced the successful closing of a new $190 million credit agreement that includes a $140 million five-year revolving credit facility and a $50 million five-year term loan.\n\n \nThe new facility refinances the company's current debt, creates significant financial capacity and flexibility to support CECO's growth objectives and takes advantage of improved market pricing, effectively reducing applicable LIBOR margins by 50 bps to 2.25% and extends the maturity through June 2024. In addition to lower interest rates, the agreement includes further savings at reduced leverage levels, an elevated and extended financial covenant period, and incremental flexibility for potential acquisitions. \n\"We are very pleased to have completed this new credit agreement as CECO has been able to lower its costs, increase our financial flexibility and further strengthen our balance sheet. In addition, our banking syndicate now includes several multi-national banks that will further enhance our global operations and growth requirements,\" said CECO's Chief Executive Officer Dennis Sadlowski.\nThe lending syndicate was led by Bank of America, sole lead arranger of CECO's debt financings since 2013. Other members of the syndicate include Citizens Bank, Fifth Third Bank, CitiBank, PNC Bank, Bank of Montreal and HSBC. \"We truly appreciate the commitment and support we have received from our banking partners and the confidence they have placed in CECO's overall financial strength and ability to grow,\" said Matt Eckl, CECO's Chief Financial Officer.\nAdditional information regarding the terms of the new credit agreement can be found in the Company's Form 8-K filed with the Securities and Exchange Commission (the \"SEC\") today. \nAbout CECO:CECO Environmental is a global leader in air quality and fluid handling serving the energy, industrial and other niche markets. Providing innovative technology and application expertise, CECO helps companies grow their business with safe, clean and more efficient solutions that help protect our shared environment. In regions around the world, CECO works to improve air quality, optimize the energy value chain and provide custom engineered solutions for applications including oil and gas, power generat...