Montauk Energy amends and extends increased credit facility

Chicago, Dec. 23 – Montauk Energy Holdings, LLC, a subsidiary of Montauk Renewables, Inc., signed a fourth amendment to its second amended and restated revolving credit and term loan agreement on Dec. 21 with Comerica Bank as administrative agent for the lenders, according to an 8-K filed with the Securities and Exchange Commission.

In the amendment, the revolver has been increased to $120 million from $80 million.

The senior secured term loan has been increased to $80 million from the outstanding balance of around $22.5 million.

The maximum total leverage ratio has been increased to 3.5x with a step-down to 3.25x on June 30, 2023 and 3x on June 30, 2024.

The interest basis is changing to the BSBY index rate from Libor.

The credit facility now carries a Dec. 21, 2026 maturity date.

In addition to the role of administrative agent, Comerica is also the lead arranger and bookrunner.

Citizens Bank, NA is the syndication agent. M&T Bank is the documentation agent.

Montauk Renewables, based in Pittsburgh, is a renewable energy company.

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