Elevate Service Group Secures $25 Million Acquisition Facility and Expands Operating Line to $7.5 Million
Elevate Service Group entered an amended credit agreement providing a new $25 million undrawn acquisition facility and increasing its revolving operating line to $7.5 million from $6.0 million. The deal also improves terms: the operating rate dropped to prime plus 1.00% from prime plus 1.25%, with a maturity of May 10, 2028 and a 3.50x leverage covenant.
Key figures
- Deal Value Usd
- 25000000
- Maturity
- May 10, 2028
- Min fccr
- 1.10x
- Amortization
- 7 years on drawn amounts
- Operating rate
- prime plus 1.00% (reduced from prime plus 1.25%)
- Existing term debt
- $14.5 million
- Operating facility
- $7.5 million, up from $6.0 million
- Acquisition facility
- $25.0 million undrawn
- Max leverage covenant
- 3.50x Total Funded Debt/Adjusted EBITDA (3.75x post material acquisitions)
AI analysis
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