Matrix Service Enters into the First Amendment and Waiver to Credit Agreement – Marketscreener.com

On October 5, 2022, Matrix Service Company (Company) entered into the First Amendment and Waiver to Credit Agreement (the “Amendment”), which amended the Company's Credit Agreement, dated as of September 9, 2021 with Bank of Montreal, as Administrative Agent, Swing Line Lender and a Letter of Credit Issuer, and the lenders named therein (as amended by the Amendment, the “Credit Agreement”). The Amendment (i) waives an event of default resulting from the Company's failure to deliver the Administrative Agent and the lenders the audited financial statements of the Company and its subsidiaries for the fiscal year ended June 30, 2022 by September 28, 2022 (Audited Financial Statements), provided the Company delivers the Audited Financial Statements by October 14, 2022, (ii) reduces the maximum amount of loans under the Credit Agreement to $90 million from $100 million and (iii) replaces the London interbank offered rate (the “LIBO Rate”) with the forward term rate based on the secured overnight financing rate (the “SOFR Rate”) as the interest rate benchmark.

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Matrix Service Enters into the First Amendment and Waiver to Credit Agreement - Marketscreener.com