DXP Enterprises increases ABL credit agreement by $50 million

By Sarah Lizee

Olympia, Wash., March 19 – DXP Enterprises, Inc. entered into a $50 million increase agreement with Bank of America, NA as agent, providing for $135 million of undrawn capacity available.

There were no other amendments to the underlying ABL credit agreement, according to a press release.

“As of Dec. 31, 2019, we had $54.3 million in cash on the balance sheet and along with that we now have $135 million in availability under our ABL that matures in 2022,” Kent Yee, chief financial officer of the company, said in the release.

“Our senior leverage was 2.2:1 with an outside covenant at the end of Q1 of 4.75:1. While today's environment will continue to evolve, we are comfortable with our capital structure.”

DXP is a Houston-based provider of maintenance, repair, operating products, equipment and services to industrial customers.

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