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OFFON

VALMONT INDUSTRIES, INC.

(VMI)
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Valmont Industries, Inc, Valmont Industries Holland B.V. and Valmont Group Pty. Ltd Enters into Second Amended and Restated Credit Agreement with Jpmorgan Chase Bank, N.A

10/19/2021 | 04:32pm EST

On October 18, 2021, Valmont Industries, Inc. and its wholly-owned subsidiaries Valmont Industries Holland B.V. and Valmont Group Pty. Ltd., as Borrowers, entered into a Second Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent, and the other lenders party thereto (the ?Restated Credit Agreement?). The Restated Credit Agreement amends and restates the First Amended and Restated Credit Agreement dated as of October 18, 2017 among the Borrowers, the Administrative Agent and the other lenders party thereto (as amended, the ?Original Credit Agreement?). Amendments to the Original Credit Agreement, which are adopted in the Restated Credit Agreement, include: an increase in the commitments under the credit facility from $600 million to $800 million; an increase in the accordion under the credit facility from $200 million to $300 million; an extension of the maturity date of the credit facility from October 18, 2022 to October 18, 2026; replacement of LIBOR as the benchmark interest rate with SOFR (as discussed further below); The addition of sustainability pricing adjustments to interest rates and commitment fees based on certain key performance indicators (KPIs). The KPIs are carbon intensity (ratio of Metric tons of CO2 per one million dollars of revenue for each fiscal year) and electricity usage (ratio of Megawatt Hours per one million dollars of revenue for each fiscal year), and the Company?s performance against certain targets could result in (a) a two and one-half basis point reduction, no change or a two and one-half basis point increase in interest rates per KPI and (b) a one-half basis point reduction, no change or a one-half basis point increase in commitment fees per KPI; a modification of the definition of ?EBITDA? to add-back any non-cash stock based compensation in any trailing twelve month period (the term ?EBITDA? is used in the computation of Leverage Ratio (Total Indebtedness /EBITDA) under the Restated Credit Agreement); . a modification of the Leverage Ratio to deduct unrestricted cash in excess of $50 million (but not exceeding $500 million) from Total Indebtedness; removal of the Interest Coverage Ratio (EBITDA /Interest Expense); and updating the Restated Credit Agreement with certain market provisions. The Restated Credit Agreement provides for an $800 million committed unsecured revolving credit facility, up to $400 million of which will be available for borrowings in foreign currencies. The Company may increase the credit facility by up to an additional $300 million at any time, subject to lenders increasing the amount of their commitments. The obligations arising under the Restated Credit Agreement are guaranteed by the Company and its wholly-owned subsidiaries Valmont Telecommunications, Inc. (f/k/a PiRod, Inc.), Valmont Coatings, Inc., Valmont Newmark, Inc. and Valmont Queensland Pty. Ltd.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2021 3 405 M - -
Net income 2021 224 M - -
Net Debt 2021 - - -
P/E ratio 2021 23,6x
Yield 2021 0,81%
Capitalization 5 209 M 5 209 M -
Capi. / Sales 2021 1,53x
Capi. / Sales 2022 1,42x
Nbr of Employees 10 844
Free-Float 74,3%
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Mean consensus BUY
Number of Analysts 6
Last Close Price 245,45 $
Average target price 282,00 $
Spread / Average Target 14,9%
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Managers and Directors
Stephen G. Kaniewski President, Chief Executive Officer & Director
Avner M. Applbaum Chief Financial Officer & Executive Vice President
Mogens C. Bay Non-Executive Chairman
Claudio Laterreur Chief Information Officer & Senior VP-IT
Diane Larkin Executive Vice President-Global Operations
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