Perma-Pipe Secures $89M Facility Led by JPMorgan Through 2031

Perma-Pipe International Holdings, Inc. has secured an $89 million secured credit facility led by JPMorgan, which matures in August 2031.

The new facility consists of a $75 million revolver and a $14 million term loan, both with the same maturity date. This replaces Perma-Pipe's prior $89 million credit agreement that was set to mature on April 8, 2026.

According to the agreement details, JPMorgan Chase Bank will serve as the Administrative Agent, and other lenders have also participated in the facility. The new facility allows for up to $30 million in letters of credit and a $5 million swingline with leverage-based pricing and customary covenants.