PHILADELPHIA, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE:NVRI) today announced that it has amended and extended its senior secured revolving credit facility (the "Revolving Credit Facility").
The Company's new $625 million revolving credit facility (the "Extended Revolving Credit Facility") will mature on September 5, 2029. Additionally, the Company will maintain its existing Revolving Credit Facility for an amount of $50 million with certain lenders (together with the Extended Revolving Credit Facility, the "Revolving Credit Facilities"). This facility will mature on March 10, 2026. Together, the Company has $675 million available under its Revolving Credit Facilities.
The Company's Revolving Credit Facilities have also been amended with favorable covenant modifications. Specifically, the total net leverage ratio covenant, currently capped at 5.00x of consolidated adjusted EBITDA, will step down to 4.75x beginning September 30, 2024, to 4.50x beginning June 30, 2025, to 4.25x beginning December 31, 2025, and to 4.00x thereafter. The Company's covenant net leverage ratio under the Revolving Credit Facility was 3.93x at the end of the second quarter of 2024 (down from 5.35x at the beginning of 2023). The Extended Revolving Credit Facility will bear interest at a rate dependent on total net leverage that ranges from 175 to 225 basis points over SOFR.
"I am pleased to announce that we have amended and extended our senior revolving credit facility," said Tom Vadaketh, senior vice president and chief financial officer. "This transaction proactively addresses a future debt maturity and enhances Enviri's financial flexibility. The support from our bank group for this transaction was positive, reflecting the Company's financial position, the favorable outlook for our businesses, and our efforts to improve cash flow and reduce leverage to 2.5x in the coming years."
The Company's Amendment to the Revolving Credit Facility was led by BOFA Securities, Inc., BMO Capital Markets Corp., Goldman Sachs Bank USA, PNC Bank, National Association and Fifth Third Bank, who acted as Joint Bookrunners and Joint Lead Arrangers, and U.S. Bank National Association, JPMorgan Chase Bank, N.A. and HSBC Securities (USA) Inc., who acted as Joint Lead Arrangers.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any loans or securities.
About EnviriEnviri is transforming the world to green, as a trusted global leader in providing a broad range of environmental services and related innovative solutions. The Company ...
