Matrix Service expands revolver to $250 million, ups Canadian sublimit

By Marisa Wong

Morgantown, W.Va., Dec. 16 – Matrix Service Co. amended its third amended and restated credit agreement dated Nov. 7, 2011 with JPMorgan Chase Bank, NA as administrative agent to increase the aggregate revolving loan commitments to $250 million from $200 million using the facility’s accordion feature.

The amendment also increases the sublimit for Canadian dollar loans to $50 million from $40 million, according to an 8-K filing with the Securities and Exchange Commission.

In addition, during any “acquisition adjustment period,” the company’s senior leverage ratio may not exceed 3.00 to 1.00. At all other times, the senior leverage ratio may not exceed 2.50 to 1.00.

The acquisition adjustment period applies to Matrix’s acquisition of Houston Interests, LLC and any individual acquisition that equals or exceeds $50 million or any series of acquisitions in the same fiscal quarter in which the aggregate consideration is at least $50 million.

The amendment was completed on Dec. 12.

Matrix provides engineering, fabrication, construction, maintenance and repair services to a range of industries and utilities, including oil, gas and chemical, electrical, storage, power generation and iron and steel. The company is based in Tulsa, Okla.

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