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Montrose Environmental Group Upsizes Credit Facility to $400 Million

LITTLE ROCK, Ark., February 20, 2024--(BUSINESS WIRE)--Montrose Environmental Group, Inc. (the "Company," "Montrose" or "MEG") (NYSE: MEG), today announced that it has upsized its Senior Secured Credit Agreement ("Credit Facility") to $400 million. The additional $100 million of availability includes a $50 million increase in the revolving credit facility to $175 million and a $50 million increase to the term loan. The Credit Facility will be available for working capital needs, growth initiatives and general corporate purposes. The interest rate and the term of the Credit Facility remain unchanged with a maturity date in April 2026.

Allan Dicks, Chief Financial Officer, commented, "We are pleased to announce the expansion of our Credit Facility on what we believe are very favorable and consistent terms. Our revised lending agreement augments our capital resources, further improves our already strong liquidity position, and enhances our ability to drive growth through value enhancing opportunities. We are grateful for our long-standing relationship with Bank of America and all of our lender partners and we believe this revised agreement reinforces their confidence in our long-term growth strategy."

The Credit Facility includes an accordion feature that allows Montrose, under certain circumstances, to increase the size of the Credit Facility up to an aggregate amount of $550 million.

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Bank of America, N.A. acted as administrative agent and Capital One, JPMorgan Chase and BMO Bank as joint lead arrangers. U.S. Bank and Wells Fargo also participated in the amendment to the Credit Facility. Additional details about the Credit Facility may be found in the Form 8-K filed with the Securities and Exchange Commission and also available on the Investors section of our website at www.montrose-env.com.

About Montrose

Montrose is a leading environmental solutions company focused on supporting commercial and government organizations as they deal with the challenges of today, and prepare for what’s coming tomorrow. With over 3500 employees across 90+ locations worldwide, Montrose combines deep local knowledge with an integrated approach to design, engineering, and operations, enabling Montrose to respond effectively and efficiently to the unique requirements of each project. From comprehensive air measurement and laboratory services to regulatory compliance, emergency response, permitting, engineering, and remediation, Montrose delivers innovative and practical solutions that keep its clients on top of their immediate needs – and well ahead of the strategic curve. For more information, visit www.montrose-env.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as "intend," "expect", and "may", and other similar expressions that predict or indicate future events or that are not statements of historical matters. Forward-looking statements are based on current information available at the time the statements are made and on management’s reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company’s control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. Additional factors or events that could cause actual results to differ may also emerge from time to time, and it is not possible for the Company to predict all of them. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law. Investors are referred to the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2022, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240220055875/en/

Contacts

Investor Relations:
Rodny Nacier
(949) 988-3383
ir@montrose-env.com

Media Relations:
Doug Donsky
(646) 361-1427
Montrose@icrinc.com