EnviroStar, Inc. Enters into New $100 Million Credit Facility
November 05 2018 - 9:00AM
Business Wire
EnviroStar, Inc. (NYSE American:EVI) announced today that it
entered into a new five-year, $100 million syndicated credit
facility with Bank of America and US Bank as joint lead arrangers,
and Fifth Third Bank. The new credit facility includes a $100
million revolving line of credit and an accordion feature, which at
EVI’s option, can expand commitments in the revolver to $140
million in the aggregate. The new credit facility replaces the
existing $27 million asset-based credit facility with Wells Fargo
that was scheduled to mature in October 2021.
Henry M. Nahmad, EVI’s Chairman and CEO, commented, “This new
credit facility significantly increases one component of our
financial resources. Although EVI still upholds a debt conservative
financial strategy, this new credit facility, with strong
participating lenders, attractive rates, and flexible terms, gives
us additional flexibility to fulfill the financial needs of our
growing business. We appreciate the support and confidence of our
new lenders and we look forward to working with them in the pursuit
of growth through our buy and build strategy.”
About EnviroStar
EnviroStar, Inc., through its wholly-owned subsidiaries, is a
distributor that sells, leases, and rents commercial, industrial,
and vended laundry and dry cleaning equipment and steam and hot
water boilers manufactured by others, supplies related replacement
parts and accessories, designs and plans turn-key laundry, dry
cleaning, and boiler systems, and provides installation and
maintenance services to thousands of customers, which include
commercial, industrial, institutional, government, and retail
customers. These activities are conducted in the United States,
Canada, the Caribbean and Latin America.
Safe Harbor Statement
Except for the historical matters contained herein, statements
in this press release are forward-looking and are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are subject to a
number of known and unknown risks and uncertainties that may cause
actual results, trends, performance or achievements of EVI, or
industry trends and results, to differ from the future results,
trends, performance or achievements expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among others, the risks related to EVI’s business, results,
financial condition, growth strategy, market share and prospects,
risks related to EVI’s ability to successfully build its existing
operations, risks related to organic growth initiatives, including
EVI’s recruitment efforts, including that such initiatives may not
be successful or otherwise have a positive impact on EVI’s
financial condition and results of operations, risks associated
with the EVI’s buy and build growth strategy, including that EVI
may not be successful in identifying or consummating acquisitions
or other strategic opportunities, that the potential benefits of
acquisitions may not be realized to the extent anticipated or at
all, integration risks, risks related to indebtedness incurred in
connection with acquisitions, dilution experienced by EVI’s
stockholders as a result of shares issued in connection with
acquisitions, risks related to the business, operations and
prospects of acquired businesses, risks related to EVI’s and its
acquired businesses’ relationships with principal suppliers and
customers and the impact that the loss of any principal supplier or
customer could have on EVI’s results and financial condition, risks
related to EVI’s indebtedness, including increases in its debt
position, and other economic, competitive, governmental,
technological and other risks and factors, including those
discussed in the Company’s filings with the Securities and Exchange
Commission, including, without limitation, the Company’s Annual
Report on Form 10-K for the fiscal year ended June 30, 2018. Many
of these risks and factors are beyond EVI’s control. Past
performance of EVI and its acquired businesses and perceived trends
may not be indicative of future results. EVI cautions that the
foregoing factors are not exclusive. The reader should not place
undue reliance on any forward-looking statement, which speaks only
as of the date made. EVI does not undertake to, and specifically
disclaims any obligation to, update or supplement any
forward-looking statement, whether as a result of changes in
circumstances, new information, subsequent events or otherwise,
except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20181105005445/en/
EnviroStar, Inc.Henry M. Nahmad, 305-754-8676orMichael Steiner,
305-754-8676
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