Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

As previously disclosed, on November 9, 2021, Charah Solutions, Inc. (the "Company") entered into a new Credit Agreement (the "Credit Agreement") with JPMorgan Chase Bank, N.A. ("JPMorgan"), as administrative agent, the lenders party thereto and certain subsidiary guarantors named therein. The Credit Agreement provides for a four-year senior secured revolving credit facility with initial aggregate commitments from the lenders of $30.0 million. Availability under the Credit Agreement is subject to a borrowing base calculated based on the value of certain eligible accounts receivable, inventory, and equipment of the Company and subject to redeterminations made in good faith and in the exercise of permitted discretion of JPMorgan. The other material terms of the Credit Agreement and subsequent amendments were described in the Company's Current Reports on Form 8-K filed with the Securities and Exchange Commission on November 10, 2021, August 15, 2022 and November 16, 2022. Such descriptions are incorporated by reference herein.

The Company elected to draw down $7.5 million on March 1, 2023 and an additional $1.0 million on March 6, 2023 of the Credit Agreement to fund operating activities. Immediately following this drawdown, after taking into account the terms of the Credit Agreement, as amended, and the negative covenants contained therein, no unused borrowing capacity remained available to the Company under the Credit Agreement and all other current long-term financing arrangements.

The foregoing description of the Credit Agreement, as amended, is qualified in its entirety by reference to the full text of such agreement and amendments which were filed as Exhibits to the Current Reports on Form 8-K filed by the Company on November 10, 2021, August 15, 2022 and November 16, 2022.

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