Matrix Service lifts revolver to $200 million, extends term to 2019

By Susanna Moon

Chicago, March 19 - Matrix Service Co. said it lifted the size of its senior secured revolving credit facility to $200 million and extended the maturity date to March 13, 2019.

The amendment also lowers the rates on borrowings, the letters of credit fees and the unused revolving credit facility fees.

The facility amount was increased from $125 million and the maturity extended from Nov. 7, 2016 with J.P. Morgan Securities LLC as the lead arranger and bookrunner and JPMorgan Chase Bank, NA as the administrative agent, according to a company press release.

Proceeds will be used for working capital, acquisitions, capital expenditures, issuance of letters of credit and other corporate purposes.

"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," John Hewitt, president and chief executive officer of Matrix, said in a press release.

Matrixx is the owner of Bridgewater, N.J.-based Zicam, a developer and marketer of over-the-counter cold remedy products.

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