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Matrix Service Company, JPMorgan Chase Increase Credit Facility to $200MM

March 20, 2014, 07:39 AM
Filed Under: Engineering

Matrix Service Company announced it has executed an amendment to its existing credit agreement to increase its existing senior secured revolving credit facility from $125.0 million to $200.0 million and extend the maturity date from November 7, 2016 to March 13, 2019. Additionally, the amendment lowers the applicable rates on borrowings, the letters of credit fees and the unused revolving credit facility fees. The credit facility may be used for working capital, acquisitions, capital expenditures, issuance of letters of credit and other lawful corporate purposes.

The facility continues to be led by JPMorgan Chase Bank, N.A. as Administrative Agent. J.P. Morgan Securities LLC acted as sole Lead Arranger and Bookrunner to structure, arrange and syndicate the increased and extended credit facility.

"Through this transaction we were able to expand our liquidity and improve our debt pricing, which are important to and support our organic and acquisition growth strategies", said John Hewitt, President and Chief Executive Officer of Matrix Service Company.

Matrix Service Company provides engineering, fabrication, construction and maintenance services to Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions and Industrial markets. The company is headquartered in Tulsa, Oklahoma, with regional operating facilities in the United States and Canada.

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