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ceco filters inc (CECF) Key Developments

CECO Environmental Corp. and its Subsidiaries Amends Restated Credit Agreement and Revolving Credit Promissory Note

On March 22, 2013, CECO Environmental Corp. entered into a first amendment to amended and restated credit agreement. The amendment was entered into among the company, CECO Group, Inc., CECO Filters, Inc., New Busch Co., Inc., The Kirk & Blum Manufacturing Company, Kbd/Technic, Inc., CECOaire, Inc., CECO Abatement Systems, Inc., H.M. White, Inc., Effox Inc., GMD Environmental Technologies, Inc., FKI, LLC, CECO Mexico Holdings LLC, Fisher-Klosterman, Inc., AVC, Inc., CECO Group Global Holdings LLC and Adwest Technologies, Inc. (all of which are direct or indirect subsidiaries of the company and collectively with the company, the loan parties) and Fifth Third Bank (lender). The amendment amends the amended and restated credit agreement effective as of June 30, 2010 with lender and certain of the loan parties. The amendment (i) recognizes Adwest Technologies, Inc. as a borrower and provides lender consent to the Adwest acquisition and the company guaranty of any Adwest earn out payments, (ii) extends the termination date of the line of credit from April 1, 2013 to April 1, 2014, (ii) increases the maximum line of credit from $20.0 million to $25.0 million (subject to availability), (iii) provides lender consent to funding related to the acquisition of ATA Beheer B.V. (iv) modifies the calculation of the borrowing base, (v) changes the maximum total funded debt to adjusted EBITDA ratio requirement to not to exceed 2.0 to 1 for any period ending on or after March 31, 2013, and (vi) makes certain other additional changes. In connection with the amendment, CECO Filters, Inc., New Busch Co., Inc., The Kirk & Blum Manufacturing Company, CECO Abatement Systems, Inc., Effox Inc., Fisher-Klosterman, Inc., AVC, Inc. and Adwest Technologies, Inc. entered into a seventh amended and restated revolving credit promissory note effective March 22, 2013 to reflect the extended maturity date and interest rate modifications.

 

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