Energy Maintenance Services Group I, LLC (“EMS”) obtained the requisite consents from holders of its 11.5% Senior Secured Notes and Preferred Units to permit it to make an equity investment in the proposed Calhoun LNG regasification terminal, to increase Permitted First Lien Indebtedness to $15.0 million for a working capital line of credit and $5.0 million for capital leases, to amend the definition of Permitted Investments, and to permit its wholly-owned subsidiary EMS Energy Services Mexico, S. de R.L. de C.V. to enter into a three-year, $30 million revolving credit line with a Mexican bank secured by accounts receivable resulting from EMS’s $400 million Pemex contract. The credit line advances EMS 90% of accounts receivable, bears interest at one-month LIBOR plus 2.25% and is non-recourse to EMS. M.M. Dillon & Co. (“Dillon”) served as exclusive financial advisor and solicitation agent to EMS.
About Energy Maintenance Services Group LLC
EMS is a leading provider of operations and maintenance services to major pipeline owners and operators, including major integrated oil companies, pipeline and mid-stream companies, refiners, local distribution companies, independent power companies and oil and gas producers.
About M.M. Dillon & Co.
M.M. Dillon & Co. (formerly CRT Investment Banking LLC) is an employee owned partnership where industry and product specialists collaborate closely to provide creative, idea-driven advice and solutions to its institutional and corporate clients. M.M. Dillon offers public and private financing, M&A advisory and restructuring advisory services. M.M. Dillon’s team of experienced professionals provides execution capabilities for companies across a range of industry sectors. The firm’s senior banking professionals have a minimum of 20 years of experience with major Wall Street firms.