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Furmanite Expands, Extends Facility With Wells Fargo, Others

March 20, 2015, 07:26 AM
Filed Under: Engineering

Furmanite Corporation announced an expansion and extension of its subsidiaries’ syndicated credit facility with new administrative agent Wells Fargo Bank, N.A. Under the amendment, which was effective March 13, 2015, the revolving credit line capacity has increased to $150.0 million from $100.0 million and the term has been extended to March 2020 from February 2017. The amendment also includes, among other changes, favorable adjustments to interest rate margins and commitment fee percentages, as well as certain less restrictive terms, which provide added flexibility to the Company in its use of capital. Joining Wells Fargo Bank, N.A. as lenders in the facility are HSBC, BB&T and Bank of Texas.

Joseph E. Milliron, the Company’s Chief Executive Officer and President said, “Our enhanced credit agreement is a key component of our strategic growth plan. The increased capacity, extended tenor and less restrictive terms provide us with additional flexibility necessary to make strategic decisions, which will aid in achieving our goals and in turn enhance shareholder value.” Mr. Milliron concluded, “We also believe this demonstrates an affirmation of confidence from our lenders in the Company’s solid operational capabilities and strategic direction.”

Furmanite Corporation is one of the world’s largest specialty industrial services and specialty engineering project solutions companies, providing world class solutions to customer needs through more than 80 offices on six continents. The Company delivers a wide portfolio of inspection, mechanical and engineering services which help monitor, maintain, renew and construct the global energy, industrial and municipal infrastructures. Furmanite serves a broad range of industry sectors, including refining, offshore, sub-sea, pipeline, power generation, chemical, petrochemical, pulp and paper, water utilities, automotive, mining, marine and steel manufacturing.

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