Loan & DebtApr 30, 2026, 04:35 PM
CECO Ups Credit Facility to $740M, Adds $235M Term Loan for M&A
AI Summary
CECO Environmental Corp. amended its credit facility, increasing it to $740 million and adding a $235 million incremental senior secured delayed-draw term loan commitment to fund a contemplated merger and acquisition. For the three months ended March 31, 2026, the company reported a net loss of $0.248 million, a significant decrease from the $36.442 million net income in the prior year, primarily due to the absence of a large gain on sale of business in 2025. Despite the loss, net sales increased to $205.919 million from $176.697 million year-over-year.
Key Highlights
- Credit facility increased to $740.0 million from $400.0 million.
- Added $235.0 million incremental senior secured delayed-draw term loan commitment.
- Net loss attributable to CECO was $(0.398) million in Q1 2026 vs. $35.984 million net income in Q1 2025.
- Net sales rose to $205.919 million in Q1 2026 from $176.697 million in Q1 2025.
- Basic loss per share was $(0.01) in Q1 2026, compared to $1.03 earnings per share in Q1 2025.
- Total debt, less current portion, increased to $247.907 million at March 31, 2026.
- Cash and cash equivalents increased to $45.411 million at March 31, 2026.
- Acquisition and integration expense increased to $10.280 million in Q1 2026.