HOUSTON, Aug. 12,
2022 /PRNewswire/ -- Adams Resources & Energy,
Inc. (NYSE AMERICAN: AE) ("Adams" or the "Company") today announced
that it signed an amended and restated senior secured revolving
credit facility. The agreement increases the Company's credit
facility from $40 million to
$60 million and extends the maturity
from May 2024 to August 2025. The pricing structure of the new
facility is materially unchanged from the existing credit facility,
with a change to a SOFR-based pricing grid. At the time of the
closing, Adams only has $8.2 million
of letters of credit drawn against the revolver.
"This amended credit facility provides Adams an extended
maturity and increased flexibility as we execute our strategy in
the coming years," said Tracy
Ohmart, EVP, Chief Financial Officer & Treasurer. "We'd
like to thank Wells Fargo for their continued confidence in Adams
as we look to continue to grow our business."
Additional details on the amended credit agreement can found in
the Company's Form 8-K to be filed the U.S. Securities and Exchange
Commission.
About Adams Resources &
Energy, Inc.
Adams Resources & Energy, Inc. is engaged in crude oil
marketing, transportation, terminalling and storage and tank truck
transportation of liquid chemicals and dry bulk through its
subsidiaries, GulfMark Energy, Inc., Service Transport Company,
Victoria Express Pipeline, L.L.C. and GulfMark Terminals, LLC. For
more information, visit www.adamsresources.com.
Cautionary Statement Regarding
Forward-Looking Statements
This news release contains forward-looking statements.
Forward-looking statements relate to future events and anticipated
results of operations, business strategies, and other aspects of
our operations or operating results. In many cases you can identify
forward-looking statements by terminology such as "anticipate,"
"intend," "plan," "project," "estimate," "continue," "potential,"
"should," "could," "may," "will," "objective," "guidance,"
"outlook," "effort," "expect," "believe," "predict," "budget,"
"projection," "goal," "forecast," "target" or similar words.
Statements may be forward looking even in the absence of these
particular words. Where, in any forward-looking statement, the
Company expresses an expectation or belief as to 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 from those expressed or implied in the
forward-looking statements, and any other risk factors included in
Adams' reports filed with the Securities and Exchange
Commission. However, there can be no assurance that such
expectation or belief will result or be achieved. Unless legally
required, Adams undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Company Contact
Tracy E. Ohmart
EVP, Chief Financial Officer
(713) 881-3609
Investor Relations Contact
Gary Guyton or Steven Hooser
Three Part Advisors
(214) 442-0016
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SOURCE Adams Resources & Energy, Inc.