Elevate Service Group secures $25 million acquisition facility in amended credit agreement
SERV•Elevate Service Group entered an amended credit agreement with a Canadian lender that adds a $25 million acquisition facility and increases its operating facility to $7.5 million from $6 million.
1. Credit facilities expanded
The amended agreement includes about $14.5 million of existing term debt tied to prior acquisitions. Pricing on the operating line was cut to prime plus 1.00% from prime plus 1.25%, while acquisition-facility pricing varies with leverage.
2. Maturity and covenant
The credit facility matures May 10, 2028. Its leverage covenant is capped at 3.50x, with a temporary 3.75x limit after acquisitions.
