NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) -- ABM (NYSE:ABM), a leading provider of facility solutions, today announced the successful expansion and extension of its senior secured credit agreement. The expanded credit facility now totals $2.2 billion, comprising a $1.6 billion revolving credit facility and a $600 million amortizing term loan, with a maturity date of February 26, 2030.
The amended facility replaces ABM's prior credit agreement, which was scheduled to mature on June 28, 2026. The previous facility totaled $1.95 billion, consisting of a $1.3 billion revolving credit facility and a $650 million amortizing term loan. Prior to the amendment, the outstanding balance on the existing term loan was $528 million.
The upsized facility strengthens ABM's capital structure, providing enhanced flexibility to fund strategic growth initiatives and operational advancements, and is reflective of the Company's continued growth. The terms and conditions of the amended facility, effective February 26, 2025, remain largely unchanged from the prior agreement.
"We are pleased to announce the successful completion of our amended credit agreement, which underscores the confidence our banking partners have in ABM's business and long-term strategy," said Earl Ellis, Executive Vice President and Chief Financial Officer of ABM. "This enhanced facility provides us with increased financial flexibility to execute on our growth initiatives and drive long-term value for our stakeholders."
ABOUT ABM
ABM (NYSE:ABM) is one of the world's largest providers of integrated facility, engineering, and infrastructure solutions. Every day, our over 100,000 team members deliver essential services that make spaces cleaner, safer, and efficient, enhancing the overall occupant experience.
ABM serves a wide range of market sectors including commercial real estate, aviation, mission critical, and manufacturing and distribution. With over $8 billion in annual revenue and a blue-chip client base, ABM delivers innovative technologies and sustainable solutions that enhance facilities and empower clients to achieve their goals. Committed to creating smarter, more connected spaces, ABM is investing in the future to meet evolving challenges and build a healthier, thriving world. ABM: Driving possibility, together.
For more information, visit www.abm.com.
CAUTIONARY STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to ABM's expectations regarding the performance of the Company's business, its financial results, and growth initiatives and operational advancements. For additional information on these and other risks and uncertainties we face, see ABM's risk factors, as they may be amended from time to time, set forth in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent filings. We urge readers to consider these risks and uncertainties in evaluating our forward-looking statements.
Contact:
Investor Relations:
Paul Goldberg
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