CINCINNATI, Nov. 18, 2014 /PRNewswire/ -- CECO Environmental Corp. (NasdaqGM: CECE), a leading global environmental technology company focused on critical solutions in the air pollution control (APC), energy and fluid handling and filtration industries, today announced that it has amended its five-year senior secured credit facility, originally entered into on August 27, 2013. The amended agreement provides the Company with additional capital to finance the previously announced acquisition of Emtrol LLC and for other corporate purposes. The amended commitments total approximately $200 million, up from $155 million with the original facility. The new facility matures on the same date of August 27, 2018.
"We are very pleased with the proactive support shown by our banking syndicate led by Bank of America," said Ed Prajzner, Chief Financial Officer. "The amended credit facility, together with our strong balance sheet and increased liquidity position provides long-term stability and financial flexibility for CECO's capital structure as we continue to focus on our acquisition and organic growth strategy."
The Company will file a Form 8-K with the United States Securities and Exchange Commission relating to the amendment, which will include a copy of the amendment and further information regarding its terms.
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a leading global environmental technology company focused on critical solutions in the air pollution control (APC), energy and fluid handling and filtration industries. Through its well-known brands, CECO provides a wide spectrum of products and services including dampers & diverters, cyclonic technology, thermal oxidizers, filtration systems, scrubbers, fluid handling equipment and plant engineered services and engineered design build fabrication. These products play a vital role in helping companies achieve exacting production standards, meeting increasing plant needs and stringent emissions control regulations around the globe. CECO globally serves the broadest range of markets and industries including power, municipalities, chemical, industrial manufacturing, refining, petrochemical, metals, minerals & mining, hospitals and universities. CECO is focused on building long-term shareholder value by bringing its unique technology, portfolio and operational excellence to strategic key growth markets around the world, while maintaining the highest standards of employee development, project execution and safety leadership. CECO is listed on NASDAQ under the ticker symbol "CECE" and is a member company of the Russell 2000 Index. For more information on CECO Environmental, please visit the company's website at http://www.cecoenviro.com.
Contact:
Corporate Information
Jeff Lang, Chief Executive Officer
Ed Prajzner, Chief Financial Officer
1-800-333-5475
or
Investor Relations:
Shawn Severson
The Blueshirt Group
Phone: (415) 489-2198
Email: Shawn@blueshirtgroup.com
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in CECO's Annual and Quarterly Reports filed with the Securities and Exchange Commission, include changes in market conditions in the industries in which the Company operates. Should one or more of these risks or uncertainties materialize, or should the assumption prove incorrect, actual results may vary in material aspects from those currently anticipated.
SOURCE CECO Environmental Corp.