QualTek units amend $103.5 million asset-based revolving facility

By Mary-Katherine Stinson

Lexington, Ky., Sept. 21 – QualTek Services Inc., through its wholly-owned subsidiaries QualTek Buyer, LLC and QualTek LLC, amended its ABL credit and guaranty agreement on Sept. 19 providing an asset-based revolving credit facility with total revolving commitments of $103.5 million, according to an 8-K filing with the Securities and Exchange Commission.

The ABL facility includes a swingline subfacility and a letter of credit subfacility.

The amendment increases the total revolver commitments by $26.5 million to $130 million for the seasonal increase period.

Interest on the principal amounts outstanding is based on an adjusted eurodollar rate plus an applicable margin.

There is an increase of 50 basis points in the applicable margin during the seasonal increase period and a 25 bps increase for all other time periods.

The ABL facility matures on July 17, 2025.

PNC Capital Markets LLC is the sole lead arranger, sole bookrunner. PNC Bank, NA is the administrative agent, collateral agent and lender.

The amendment amends the ABL credit and guaranty agreement dated July 18, 2018.

QualTek is a Blue Bell, Pa.-based provider of turnkey services to the North American telecommunications, infrastructure and power industries.

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