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ABC Technologies units lift credit agreement to $550 million, extends most facilities to 2027
By Rebecca Melvin
Concord, N.H., Feb. 25 – ABC Technologies Holdings Inc. announced its wholly owned indirect subsidiaries ABC Technologies Inc. and ABC Group Holdings Inc. amended their credit agreement on Tuesday to increase the facilities to $550 million from $450 million, according to an 8-K filing with the Securities and Exchange Commission.
The facilities include two swingline facilities for $23 million, a $477 million revolving facility and a $50 million revolving B facility.
Additionally, the maturity was extended to Feb. 24, 2027 for the majority of the credit facilities except for the revolving B facility which is set to mature on Feb. 24, 2023, and the margin for advances under the credit agreement was lowered.
The amended agreement also allows certain permitted acquisitions, including the previously announced acquisitions to dlhBowles and Karl Etzel, and amends certain definitions, benchmarks and financial covenants.
Due to the amendments and restatement, ABC will not draw on the previously announced bridge loans and will instead partially fund the acquisitions through its existing credit facilities.
Borrowings bear interest at short-term floating rates plus a fixed spread, which varies according to the company's total net debt to EBITDA ratio.
All obligations under the credit agreement are guaranteed by a majority of the wholly owned subsidiaries of the company, and the agreement and guarantees are secured by a charge over all the property and assets of the borrowers and the guarantors.
ABC Technologies is an engineered plastics manufacturer for the light vehicle industry based in Toronto.
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