ABM Expands and Extends Credit Agreement
Rhea-AI Summary
ABM (NYSE: ABM) has successfully expanded and extended its senior secured credit agreement, increasing the total facility to $2.2 billion from the previous $1.95 billion. The new agreement includes a $1.6 billion revolving credit facility and a $600 million amortizing term loan, extending the maturity date to February 26, 2030.
The amended facility replaces ABM's prior credit agreement that was due to mature on June 28, 2026, which consisted of a $1.3 billion revolving credit facility and a $650 million term loan with an outstanding balance of $528 million. The terms and conditions remain largely unchanged from the previous agreement.
Positive
- Credit facility increased by $250M to $2.2B total
- Maturity extended by ~4 years to 2030
- Revolving credit facility expanded by $300M to $1.6B
- Enhanced financial flexibility for growth initiatives
Negative
- None.
News Market Reaction
On the day this news was published, ABM gained 0.20%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Upsized Facility Enhances Financial Flexibility with
NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) -- ABM (NYSE: ABM), a leading provider of facility solutions, today announced the successful expansion and extension of its senior secured credit agreement. The expanded credit facility now totals
The amended facility replaces ABM’s prior credit agreement, which was scheduled to mature on June 28, 2026. The previous facility totaled
The upsized facility strengthens ABM’s capital structure, providing enhanced flexibility to fund strategic growth initiatives and operational advancements, and is reflective of the Company’s continued growth. The terms and conditions of the amended facility, effective February 26, 2025, remain largely unchanged from the prior agreement.
“We are pleased to announce the successful completion of our amended credit agreement, which underscores the confidence our banking partners have in ABM’s business and long-term strategy,” said Earl Ellis, Executive Vice President and Chief Financial Officer of ABM. “This enhanced facility provides us with increased financial flexibility to execute on our growth initiatives and drive long-term value for our stakeholders.”
ABOUT ABM
ABM (NYSE: ABM) is one of the world’s largest providers of integrated facility, engineering, and infrastructure solutions. Every day, our over 100,000 team members deliver essential services that make spaces cleaner, safer, and efficient, enhancing the overall occupant experience.
ABM serves a wide range of market sectors including commercial real estate, aviation, mission critical, and manufacturing and distribution. With over
For more information, visit www.abm.com.
CAUTIONARY STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to ABM’s expectations regarding the performance of the Company's business, its financial results, and growth initiatives and operational advancements. For additional information on these and other risks and uncertainties we face, see ABM’s risk factors, as they may be amended from time to time, set forth in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent filings. We urge readers to consider these risks and uncertainties in evaluating our forward-looking statements.
Contact:
Investor Relations:
Paul Goldberg
212-297-9721
ir@abm.com
FAQ
What is the new total credit facility amount for ABM in 2025?
When does ABM's new credit facility mature?
How much did ABM increase its credit facility compared to the previous agreement?
What was the outstanding balance on ABM's previous term loan before the amendment?
