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Benzinga
Benzinga
Business
Akanksha Bakshi

Atlas Enters Interest Rate Cap Agreement

Atlas JP Morgan JPMorgan Chase Bank Nasdaq NA (Geopolitical Entity)
  • Atlas Technical Consultants Inc (NASDAQ:ATCX) has entered an interest rate cap transaction with JPMorgan Chase Bank, N.A., to mitigate the risk of potential interest rate fluctuations on the company's interest expense.
  • "Reducing leverage and continuing to simplify our capital structure remain a top priority for Atlas," stated CEO Joe Boyer.
  • As per the transaction, the variable portion of ATCX's interest expense tied to LIBOR is capped at 3.0%. JP Morgan will make payments to the company monthly to the extent that a specified benchmark rate of interest for the applicable month exceeds 3.0%.
  • The transaction is effective as of June 1, 2022, and has a maturity date of June 1, 2025.
  • Price Action: ATCX shares are trading lower by 9.40% at $6.36 on the last check Thursday.
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