Montrose Environmental Group Announces Successful Repricing of Term Loan
Montrose Environmental Group (MEG) has successfully repriced its $175 million term loan facility, reducing the interest rate spread by 50 basis points to LIBOR plus 4.50%, down from 5.00%. The revolving credit facility remains unchanged at LIBOR plus 3.5%. This change underscores Montrose's improved operational performance and strengthens its financial flexibility for future strategic initiatives. Both loan facilities maintain their maturity date in 2025. CEO Allan Dicks emphasized that this success highlights Montrose's strong relationships with financial partners.
- Reduced interest rate on term loan facility from LIBOR + 5.00% to LIBOR + 4.50%, saving on interest expenses.
- Strengthened financial flexibility allowing for better execution of strategic initiatives.
- None.
IRVINE, Calif.--(BUSINESS WIRE)--Montrose Environmental Group, Inc. (the “Company,” “Montrose” or “MEG”) (NYSE: MEG) announced today that the Company has closed on the repricing of its
Allan Dicks, Montrose’s Chief Financial Officer, stated, “This reduction in borrowing rates reflects the ongoing progress we have made in strengthening our balance sheet and improving our operational performance. This successful repricing provides us with additional financial flexibility to execute on our strategic initiatives and underscores the strong relationships we maintain with our financial partners.”
About Montrose
Montrose is a leading environmental services company focused on supporting commercial and government organizations as they deal with the challenges of today, and prepare for what’s coming tomorrow. With 1,700 employees across 70 locations around the world, Montrose combines deep local knowledge with an integrated approach to design, engineering, and operations, enabling the Company to respond effectively and efficiently to the unique requirements of each project. From comprehensive air measurement and laboratory services to regulatory compliance, emergency response, permitting, engineering, and remediation, Montrose delivers innovative and practical solutions that keep its clients on top of their immediate needs – and well ahead of the strategic curve. For more information, visit www.montrose-env.com.
Forward‐Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as “intend,” “expect”, and “may”, and other similar expressions that predict or indicate future events or that are not statements of historical matters. Forward-looking statements are based on current information available at the time the statements are made and on management’s reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company’s control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. Further, many of these factors are, and may continue to be, amplified by the COVID-19 pandemic. Additional factors or events that could cause actual results to differ may also emerge from time to time, and it is not possible for the Company to predict all of them. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law. Investors are referred to the Company’s filings with the Securities and Exchange Commission, including its final prospectus dated July 22, 2020, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.
