NEW YORK--(BUSINESS WIRE)--
ABM
(NYSE:ABM), a leading provider of facility solutions,
announced today it has amended its existing unsecured credit agreement,
increasing the borrowing capacity to $800M, extending the maturity to
2018 and reducing certain pricing components, including moving to a flat
1% for letters of credit, subject to certain utilization restrictions.
"We are extremely pleased with the results of the amendment," said James
Lusk, executive vice president and chief financial officer, ABM
Industries. "The amended facility, which was significantly
oversubscribed, enhances our flexibility going forward and provides
additional capacity for strategic initiatives."
Added D. Anthony Scaglione, senior vice president mergers and
acquisitions and treasurer: "The amendment continues to demonstrate the
support and confidence of our syndicate of banks. In addition, by
working with the company on a novel split grid pricing between
borrowings and letters of credit, our bank group demonstrated the
willingness to think outside the box in arriving at this unique
solution."
Bank of America, N.A. acted as Administrative Agent for the amendment
and US Bank, N.A. was added as a Co-Documentation Agent.
ABOUT ABM
ABM (NYSE:
ABM) is a leading provider of facility solutions with revenues
exceeding $4 billion and 100,000 employees in over 350 offices deployed
throughout the United States and various international locations. ABM's
comprehensive capabilities include facilities engineering, commercial
cleaning, energy solutions, HVAC, electrical, landscaping, parking and
security, provided through stand-alone or integrated solutions. ABM
provides custom facility solutions in urban, suburban and rural areas to
properties of all sizes — from schools and hospitals to the largest and
most complex facilities, such as manufacturing plants and major
airports. ABM Industries Incorporated, which operates through its
subsidiaries, was founded in 1909. For more information, visit www.abm.com.
ABM
Investors & Analysts:
David Farwell, 212-297-9792
dfarwell@abm.com
or
Media:
Chas
Strong, 770-953-5072
chas.strong@abm.com
Source: ABM Industries
News Provided by Acquire Media
