HOUSTON, August 12, 2022
HOUSTON, August 12, 2022 /PRNewswire/ — Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) (“Adams” or the “Company”) today announced that it has signed an Amended and Restated Senior Secured Revolving Credit Facility. The agreement increases the Company’s credit facility $40 million at $60 million and prolongs the maturity of May 2024 at August 2025. The pricing structure of the new facility is substantially unchanged from the existing credit facility, with a move to a SOFR-based pricing grid. At closing time, Adams only has $8.2 million of letters of credit drawn against the revolver.
“This amended credit facility provides Adams with an extended maturity and increased flexibility as we execute our strategy in the years ahead,” said Tracy Ohmart, Executive Vice President, Chief Financial Officer and Treasurer. “We would like to thank Wells Fargo for their continued confidence in Adams as we seek to continue to grow our business.”
Additional details of the amended credit agreement can be found in the company’s Form 8-K filing with the United States Securities and Exchange Commission.
About Adams Resources & Energy, Inc.
Adams Resources & Energy, Inc. is engaged in the marketing, transportation, terminal and storage of crude oil and the tanker transportation of liquid and dry bulk chemicals through its subsidiaries, GulfMark Energy, Inc., Service Transport Company, Victoria Express Pipeline, LLC and GulfMark. Terminals, LLC. For more information, visit www.adamsresources.com.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements relate to expected future events and results of operations, business strategies and other aspects of our business or results of operations. In many cases, you can identify forward-looking statements by terms such as “anticipate”, “intend”, “plan”, “project”, “estimate”, “continue”, “potential”, “should “, “could”, “can”, “will”, “goal”, “direction”, “outlook”, “effort”, “expect”, “believe”, “predict”, “budget”, ” projection”, “goal”, “forecast”, “target” or similar words. Statements may be forward-looking even without such particular words. Where in a forward-looking statement the Company expresses a expectation or belief regarding future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially those expressed or implied in forward-looking statements, and any other risk factors i included in Adams’ reports filed with the Securities and Exchange Commission. However, there can be no assurance that such an expectation or belief will occur or be realized. Except as required by law, Adams undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Tracy E. Ohmart
Executive Vice President, Chief Financial Officer
Gary Guyton Where Steven Hooser
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SOURCEAdams Resources & Energy, Inc.