EnviroStar, Inc. Enters into New $100 Million Credit Facility
EnviroStar, Inc. (NYSE American:EVI) announced today that it entered into a new five-year, $100 million syndicated credit facility with Bank of America and US Bank as joint lead arrangers, and Fifth Third Bank. The new credit facility includes a $100 million revolving line of credit and an accordion feature, which at EVI’s option, can expand commitments in the revolver to $140 million in the aggregate. The new credit facility replaces the existing $27 million asset-based credit facility with Wells Fargo that was scheduled to mature in October 2021.
Henry M. Nahmad, EVI’s Chairman and CEO, commented, “This new credit facility significantly increases one component of our financial resources. Although EVI still upholds a debt conservative financial strategy, this new credit facility, with strong participating lenders, attractive rates, and flexible terms, gives us additional flexibility to fulfill the financial needs of our growing business. We appreciate the support and confidence of our new lenders and we look forward to working with them in the pursuit of growth through our buy and build strategy.”
EnviroStar, Inc., through its wholly-owned subsidiaries, is a distributor that sells, leases, and rents commercial, industrial, and vended laundry and dry cleaning equipment and steam and hot water boilers manufactured by others, supplies related replacement parts and accessories, designs and plans turn-key laundry, dry cleaning, and boiler systems, and provides installation and maintenance services to thousands of customers, which include commercial, industrial, institutional, government, and retail customers. These activities are conducted in the United States, Canada, the Caribbean and Latin America. https://ih.advfn.com/p.php?pid=nmona&article=78612463&symbol=EVI