Mistras Group amends credit agreement; raises EBITDA addback cap to $15M, eases coverage ratio temporarily

Mistras Group, Inc.

Amended credit agreement with JPMorgan allows $15M in non-recurring cash charges added back to EBITDA for 2023-2024 periods, up from $10M.
Minimum Fixed Charge Coverage Ratio reduced to 1.10:1 for Q4 2023 and Q1 2024, then returns to 1.25:1 from Q2 2024 onward.
Consent fee of 0.025% paid to lenders consenting to amendment, effective February 27, 2024.
Amendment reaffirms existing liens and obligations; no defaults occurred as of effective date.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Mistras Group, Inc. amended First Amendment with JPMorgan Chase Bank N.A. valued at $10 million to $15 million (effective 2024-02-27).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank N.A.
Value: $10 million to $15 million
Effective: 2024-02-27

Exact text from the filing

On February 27, 2024, Mistras Group, Inc. entered into the First Amendment (the “Amendment”) to its existing Credit Agreement (the “Credit Agreement”), dated August 1, 2022, with JPMorgan Chase Bank N.A., as administrative agent for the lenders and a lender and the other lenders under the Credit Agreement.

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Source: SEC EDGAR

accession 0001436126-24-000013

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