ABM Industries to draw remaining $300 million of credit line

By Marisa Wong

Los Angeles, March 26 – ABM Industries Inc. has decided to fully draw on its remaining line of credit adding about $300 million of capacity onto its balance sheet, according to a press release.

ABM said the draw is a precautionary measure. The company is anticipating impacts related to the continued spread of Covid-19 and wants to increase its financial flexibility.

The company said it has a strong balance sheet. Its syndicated credit facility consists of an $800 million revolving line of credit and an $800 million amortizing term loan that matures on Sept. 1, 2022.

ABM is a facility management company based in New York.

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