IRVINE, Calif .– (COMMERCIAL THREAD) – Montrose Environmental Group, Inc. (the “Company”, “Montrose” or “MEG”) (NYSE: MEG) today announced that the Company has completed the price review of its term loan facility. $ 175 million. The interest rate spread on the term loan was reduced by 50 basis points against LIBOR, with a floor of 1.00%, increased by 4.50%, against the previous LIBOR rate, with a floor of 1.00%, increased by 5.00%. The interest rate on the Company’s revolving credit facility has remained unchanged at LIBOR plus 3.5% and the maturity date of both facilities remains unchanged in 2025.
Allan Dicks, Chief Financial Officer of Montrose, said: “This reduction in lending rates reflects the continued progress we have made in strengthening our balance sheet and improving our operational performance. This successful re-pricing gives us additional financial flexibility to execute our strategic initiatives and underscores the strong relationships we have with our financial partners. ”
Montrose is a leading environmental services company focused on supporting business and government organizations as they face the challenges of today and prepare for what lies ahead. With 1,700 employees at 70 locations around the world, Montrose combines in-depth local knowledge with an integrated approach to design, engineering and operations, enabling the company to effectively meet the unique requirements of each project. From comprehensive air measurement and laboratory services to regulatory compliance, emergency response, permitting, engineering and remediation, Montrose offers innovative and practical solutions that enable its customers to respond to their immediate needs – and well ahead of the strategic curve. For more information, visit www.montrose-env.com.
This press release contains 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. Forward-looking statements can be identified by the use of words such as “intend”, “expect” and “may” and other similar expressions which predict or indicate future events or which are not statements. on historical issues. Forward-looking statements are based on current information available at the time the statements are made and on management’s reasonable belief or expectation with respect to future events, and are subject to risks and uncertainties, many of which are beyond the control of the Company, which could cause actual performance or results to differ materially from the belief or expectations expressed or suggested by forward-looking statements. Additionally, many of these factors are, and may continue to be, magnified by the COVID-19 pandemic. Other factors or events that could cause actual results to differ may also occur from time to time, and it is not possible for the Company to predict all of them. Forward-looking statements speak only as of the date on which they are made, and the Company assumes no obligation to update any forward-looking statements to reflect future events, developments or otherwise, unless applicable law so requires. required. Investors are advised to consult the documents filed by the Company with the Securities and Exchange Commission, including its final prospectus dated July 22, 2020, for additional information regarding the risks and uncertainties that could cause the results to differ materially. actual and those expressed in any forward-looking statement.