Everforth Upsizes Revolver to $600M, Extends Maturity to 2031, and Tightens Leverage Covenant
EFOR is trading near its 52-week low of $16.9 (9.8% above the low).
Summary
Everforth refinanced its revolving credit facility, upsizing to $600 million and extending maturity to 2031, while tightening its leverage covenant over the next two years.
Key Events · Financing and Capital Events · EFOR
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Revolver Upsized to $600M
The revolving credit facility was increased from $500 million to $600 million, providing additional liquidity.
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Maturity Extended to 2031
The maturity date was pushed out from February 2028 to July 2031, with a springing maturity if 2028 notes exceed $110 million or term B loans remain outstanding 91 days before their maturity.
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Leverage Covenant Tightened
The maximum consolidated secured leverage ratio steps down from 3.75x to 3.50x starting Q2 2027 and to 3.25x starting Q2 2028.
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Interest Rate Adjusted
The revolver now bears interest at SOFR plus 1.75% to 2.75% or base rate plus 0.75% to 1.75%, depending on leverage.
Analysis · EFOR · Trade & Services
Everforth refinanced and increased its revolving credit facility by $100 million to $600 million, extending the maturity from 2028 to 2031. The amendment also introduces a step-down in the maximum consolidated secured leverage ratio from 3.75x to 3.50x in mid-2027 and further to 3.25x in mid-2028, signaling a commitment to deleveraging. The revolver now carries a springing maturity tied to the company's 2028 notes and term B loans, adding refinancing risk if those obligations aren't addressed. Proceeds were used to pay off existing term A loans, simplifying the debt structure. The deal enhances liquidity and financial flexibility, but the tighter covenant may constrain future borrowing if earnings weaken.
At the time of this filing, EFOR was trading at $18.56 on NYSE in the Trade & Services sector, with a market capitalization of approximately $761M. The 52-week trading range was $16.90 to $60.75. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.