Abm industries announces expansion of credit agreement to $1.95 billion

New york, june 28, 2021 (globe newswire) -- abm (nyse: abm), a leading provider of facility solutions, announced today it has amended its senior, secured credit agreement. the upsized credit facility totals $1.95 billion and consists of a $1.3 billion revolving credit facility and a $650 million term loan and has a maturity date of june 28, 2026. abm's prior credit facility, amended in may 2020 and scheduled to mature on september 1, 2022, totaled $1.51 billion, and consisted of an $800 million revolving credit facility and a term loan, the outstanding balance of which prior to the amendment was $620 million. as a result of the amended credit agreement, abm's current available borrowing capacity has increased from $622 million to $1.1 billion, subject to covenant restrictions. as of april 30, 2021, the company also had $435.7 million in cash and cash equivalents on its balance sheet.
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