Matrix Service amends credit agreement for more permitted debt

By Marisa Wong

Morgantown, W.Va., May 5 – Matrix Service Co. entered into a second amendment on May 3 to its third amended and restated credit agreement dated Nov. 7, 2011 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment does the following:

• Permits the company and its Canadian subsidiaries to incur up to $5 million of debt outside of the credit agreement and permits the company’s foreign subsidiaries (other than the Canadian subsidiaries) to incur up to $5 million of debt outside of the credit agreement.

Previously, the company and all subsidiaries were collectively only permitted to incur a total of $5 million of debt outside the credit agreement;

• Permits the company and its subsidiaries to sell accounts receivable at par under put options, in an unlimited amount, to any lender; and

• Allows the company and its subsidiaries to sell up to $25 million of accounts receivable in any 12-month period at a discount of not more than 4% of face value.

Matrix provides engineering, fabrication, construction, maintenance and repair services to a range of industries and utilities, including oil, gas and chemical, electrical, storage, power generation and iron and steel. The company is based in Tulsa, Okla.

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