Matrix Service obtains $125 million amended and restated revolver

By Sara Rosenberg

New York, Nov. 8 - Matrix Service Co. closed on a $125 million five-year amended and restated senior secured revolving credit facility, according to a 10-Q filed Tuesday with the Securities and Exchange Commission.

J.P. Morgan Securities LLC acted as the lead arranger, bookrunner and administrative agent on the deal, which was completed Nov. 7.

Initial pricing on the revolver is Libor plus 175 basis points, and there is a commitment fee that ranges from 30 bps to 45 bps based on senior leverage. The spread ranges from Libor plus 175 bps to 250 bps, also based on senior leverage.

Covenants include a senior leverage ratio of 2.50 to 1.00 and a fixed charge coverage ratio of 1.25 to 1.00.

Proceeds were used to replace a $75 million revolver and are available for working capital, issuance of letters of credit and other corporate purposes.

Pricing on the old revolver had ranged from Libor plus 200 bps to 275 bps with a commitment fee of 35 bps to 50 bps.

Matrix Service is based in Tulsa, Okla. The company provides construction, repair and maintenance services primarily to the energy and energy-related industries.

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