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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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