TNT Crane & Rigging Extends Maturity of Revolving Credit Facility Into 2020

HOUSTON, June 20, 2018 /PRNewswire/ -- Today North American Lifting Holdings, a wholly-owned subsidiary of TNT Crane & Rigging, Inc. ("TNT") completed an amendment with select lenders in its revolving credit facility, which will extend the revolver's maturity through January 27^th, 2020 and provide additional liquidity to the Company. The key highlights from the amendment are highlighted below:  

Amendment Highlights

• Extension of its Revolving Credit Facility from November 27, 2018 to January 27, 2020 (Term Loan maturities unchanged)
• As part of the extension, the Company also amended the Credit Agreement as follows:
• Revolving credit facility commitment size reduced from $75.0mm to $30.0mm
• Increases the threshold for the springing revolver financial covenant from $18.75mm to $25.0mm, providing an incremental ~$6.3mm of liquidity to the Company
• As part of the extension, First Reserve and management have agreed to invest $34.0mm of equity by converting the existing unsecured demand notes and accrued interest into permanent equity.

TNT continues to deliver improved operational and financial results across business sectors driven by significant growth in the E&P, midstream and commercial markets, underpinned by consistent, strong and recurring demand from the refining, petrochemical and power segments.

Contact:
Deana Haygood
[email protected]

SOURCE TNT Crane & Rigging, Inc.