Perma-Pipe enters $18M secured revolving credit facility maturing 2026; waives prior covenant defaults

Perma-Pipe International Holdings, Inc.

New five-year $18M senior secured revolver with PNC Bank, borrowing base subject to reserves.
Interest at ABR + 1.00-1.50% or LIBOR + 2.00-2.50% based on fixed charge coverage ratio.
0.25% per annum facility fee on unused portion; $5M annual cap on capital expenditures.
PNC waived existing financial covenant defaults for fiscal quarters ending Jan, Apr, Jul 2021.
Facility secured by substantially all North American loan party assets; maturity September 2026.

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