HOUSTON, Aug. 12, 2022 /PRNewswire/ -- Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) ("Adams" or the "Company") today announced that it signed an amended and restated senior secured revolving credit facility. The agreement increases the Company's credit facility from $40 million to $60 million and extends the maturity from May 2024 to August 2025. The pricing structure of the new facility is materially unchanged from the existing credit facility, with a change to a SOFR-based pricing grid. At the time of the closing, Adams only has $8.2 million of letters of credit drawn against the revolver.
"This amended credit facility provides Adams an extended maturity and increased flexibility as we execute our strategy in the coming years," said Tracy Ohmart, EVP, Chief Financial Officer & Treasurer. "We'd like to thank Wells Fargo for their continued confidence in Adams as we look to continue to grow our business."
Additional details on the amended credit agreement can found in the Company's Form 8-K to be filed the U.S. Securities and Exchange Commission.
Adams Resources & Energy, Inc. is engaged in crude oil marketing, transportation, terminalling and storage and tank truck transportation of liquid chemicals and dry bulk through its subsidiaries, GulfMark Energy, Inc., Service Transport Company, Victoria Express Pipeline, L.L.C. and GulfMark Terminals, LLC. For more information, visit www.adamsresources.com.
This news release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "intend," "plan," "project," "estimate," "continue," "potential," "should," "could," "may," "will," "objective," "guidance," "outlook," "effort," "expect," "believe," "predict," "budget," "projection," "goal," "forecast," "target" or similar words. Statements may be forward looking even in the absence of these particular words. Where, in any forward-looking statement, the Company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, and any other risk factors included in Adams' reports filed with the Securities and Exchange Commission. However, there can be no assurance that such expectation or belief will result or be achieved. Unless legally required, Adams undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Tracy E. Ohmart
EVP, Chief Financial Officer
Investor Relations Contact
Gary Guyton or Steven Hooser
Three Part Advisors
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SOURCE Adams Resources & Energy, Inc.