Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) shares grew Thursday. The company, a leading global provider of engineered piping and leak detection solutions for energy, infrastructure and industrial markets, today announced the closing of a new global credit facility with J.P. Morgan consists of a $75- million revolving credit facility and a $14-million term loan facility, and allows the Company access to an additional $50.0 million in incremental capacity.
The new facility replaces and consolidates multiple existing credit facilities maintained by the Company and its subsidiaries across various jurisdictions, creating a more streamlined and centralized financing structure for Perma-Pipe’s global operations.
It also provides Perma-Pipe with significantly increased financial capacity, enhanced liquidity and greater flexibility to support working capital requirements, letters of credit, strategic investments and the Company’s continued expansion in key markets.
CEO Saleh Sagr commented: “The closing of this global credit facility marks an important milestone for Perma-Pipe. By consolidating multiple credit facilities across jurisdictions into a single global financing arrangement, we have enhanced our financial flexibility, simplified our banking structure and strengthened our ability to manage our growing international operations.”
PPIH shares began Thursday up 66 cents, or 2.4%, to $27.80.
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