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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Bank of America Agents Credit Facility Amendment for ABM Industries
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Lenders/Participants
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Bank of America [Administrative Agent]
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Structure
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Senior Secured Credit Facility Amendment
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Amount
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$1.600
Billion
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Borrower(s)
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ABM
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Description
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Company successfully completed an amendment to its senior, secured credit agreement. The Company is a party to a syndicated credit facility comprised of an $800 million revolving line of credit and an $800 million amortizing term loan, both of which mature on September 1, 2022. The amendment is expected to enhance financial flexibility as the Company continues to navigate the COVID-19 pandemic, in addition to addressing a scheduled stepdown to its maximum total leverage ratio by July 31, 2020. Among other aspects, the amendment revises certain covenants under its existing credit agreement, including changes to maximum permitted total net leverage, including the ability to net up to $100 million of cash, and decreasing the minimum fixed charge coverage ratio. The amendment also preserves the Company’s ability to consider dividends, while limiting share purchases and mergers and acquisitions until leverage is below a certain threshold.
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Industry
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Facilities Management
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Location
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NY
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| Related Tags |
Bank of America
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ABL Advisor
Deal Tables
2024
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