Evolve Announces Completion of Amended Credit Agreement Supporting Business Strategy Shift
August 23 2021 - 6:15PM
Evolve Transition Infrastructure LP (“Evolve”) (NYSE American:
SNMP) today announced it has executed the previously announced
amendment to its credit agreement with the Royal Bank of Canada
(“RBC”). The amended credit agreement provides Evolve with a $65
million term loan facility and a $5 million revolving credit
facility, with RBC providing the entire principal amounts of both
facilities. The amended credit agreement has a maturity date of
September 30, 2023 and provides Evolve with increased flexibility
to pursue the expansion of its strategic pivot towards energy
transition investments and a more favorable amortization profile.
Evolve CFO, Chuck Ward, commented, "We are very
pleased with the support we received from RBC in amending our
current credit agreement to provide, among other things, the
extended maturity date and the new term and revolving credit
facilities. The execution of this amended credit agreement
represents the completion of an important milestone in our business
strategy shift to focusing on the acquisition and development of
infrastructure critical to the transition of energy supply to lower
carbon sources".
FORWARD LOOKING STATEMENTS
This press release contains, and our officers
and representatives may from time to time make, “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. All statements, other than statements of
present or historical fact, included in this press release are
forward-looking statements. Any statements that refer to our future
financial performance, strategy, expansion plans, future
operations, future operating results, estimated revenues, losses,
projected costs, prospects, plans and objectives of management,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. These forward-looking statements are
based on management’s current expectations and assumptions about
future events and are based on currently available information as
to the outcome and timing of future events. Except as otherwise
required by applicable law, Evolve disclaims any duty to update any
forward-looking statements, all of which are expressly qualified by
the statements in this section, to reflect events or circumstances
after the date of this press release. These forward-looking
statements are subject to known and unknown risks, uncertainties
and assumptions that may cause our actual results, levels of
activity, performance or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by such forward looking
statements. Actual results may differ materially from those
anticipated or implied in forward-looking statements. Our Annual
Report on Form 10-K for the year ended December 31, 2020, our
Quarterly Report on Form 10-Q for the three months ended June 30,
2021 and other filings with the SEC discuss some of the important
risk factors that may affect our business, results of operations,
and financial condition and you are encouraged to read such
filings. These cautionary statements qualify all forward-looking
statements attributable to us or persons acting on our behalf.
ABOUT EVOLVE TRANSITION INFRASTRUCTURE
LP
Evolve Transition Infrastructure LP (NYSE
American: SNMP) is a publicly-traded limited partnership formed in
2005 focused on the acquisition, development and ownership of
infrastructure critical to the transition of energy supply to lower
carbon sources.
Additional information about Evolve can be found
in our documents on file with the SEC which are available on our
website at www.evolvetransition.com and on the SEC’s website at
www.sec.gov.
EVOLVE CONTACTCharles WardChief Financial
Officerir@evolvetransition.com(713) 800-9477 |
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