Northwest Pipe extends $125 million revolver by four years to 2028

By Wendy Van Sickle

Columbus, Ohio, July 3 – Northwest Pipe Co. and wholly owned subsidiaries NWPC, LLC, Geneva Pipe and Precast Co. and Park Environmental Equipment, LLC entered into an amendment on Thursday to extend the maturity date of its revolving credit agreement to June 29, 2028 from June 30, 2024, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also revised the covenants by increasing the maximum consolidated senior leverage ratio to 3x from 2.5x and increasing the minimum consolidated EBITDA that must be maintained to $35 million for the four consecutive fiscal quarters most recently ended.

The interest rate for revolving loans is adjusted term SOFR plus 185 basis points to 235 bps, depending on the leverage ratio.

The credit agreement, originally dated June 30, 2021, provides for a revolving loan, swingline loan and letters of credit in the aggregate amount of up to $125 million, with a $50 million expansion option.

Wells Fargo Bank, NA is administrative agent.

The municipal water pipe and infrastructure engineering company is based in Vancouver, Wash.

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