ABM Industries amends credit facility, increases size to $1.95 billion

By Wendy Van Sickle

Columbus, Ohio, June 28 – ABM Industries Inc. amended its senior secured credit agreement to increase the size to $1.95 billion, comprising a $1.3 billion revolver and a $650 million term loan, according to a news release.

The amended credit facility matures on June 28, 2026.

Previously, ABM’s credit facility comprised an $800 million revolver and a $620 million term loan and was due to mature on Sept. 1, 2022.

As a result of the amended credit agreement, ABM’s current available borrowing capacity has increased to $1.1 billion from $622 million, subject to covenant restrictions.

The revised and expanded credit facility enhances the company’s financial flexibility, providing increased liquidity to fund strategic growth initiatives and features several financial covenant improvements, including the removal of certain limitations on dividends, share repurchases and permitted investments such as acquisitions. Additionally, the revised agreement has more favorable credit terms on both the revolvery and the term loan, according to the release.

Bank of America, NA is the administrative agent.

ABM is a facility management company based in New York.

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