TULSA, Okla., March 19, 2014 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) announced today that it has executed an amendment to its existing credit agreement to increase its existing senior secured revolving credit facility from $125.0 million to $200.0 million and extend the maturity date from November 7, 2016 to March 13, 2019. Additionally, the amendment lowers the applicable rates on borrowings, the letters of credit fees and the unused revolving credit facility fees. The credit facility may be used for working capital, acquisitions, capital expenditures, issuance of letters of credit and other lawful corporate purposes.
The facility continues to be led by JPMorgan Chase Bank, N.A. as Administrative Agent. J.P. Morgan Securities LLC acted as sole Lead Arranger and Bookrunner to structure, arrange and syndicate the increased and extended credit facility.
"Through this transaction we were able to expand our liquidity and improve our debt pricing, which are important to and support our organic and acquisition growth strategies", said John Hewitt, President and Chief Executive Officer of Matrix Service Company.
About Matrix Service Company
Matrix Service Company provides engineering, fabrication, construction and maintenance services to Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions and Industrial markets.
The Company is headquartered in Tulsa, Oklahoma, with regional operating facilities in the United States and Canada.
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as "anticipate," "continues," "expect," "forecast," "outlook," "believe," "estimate," "should" and "will" and words of similar effect that convey future meaning, concerning the Company's operations, economic performance and management's best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the "Risk Factors" and "Forward Looking Statements" sections and elsewhere in the Company's reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.
CONTACT: For more information, please contact: Matrix Service Company Kevin Cavanah Vice President and CFO T: 918-838-8822 E: firstname.lastname@example.org
Source:Matrix Service Company