Mistras Group Enters Material Definitive Agreement
Ticker: MG · Form: 8-K · Filed: Mar 1, 2024 · CIK: 1436126
Sentiment: neutral
Topics: material-definitive-agreement, corporate-event
TL;DR
Mistras Group signed a big deal on Feb 27th. Details TBD.
AI Summary
Mistras Group, Inc. entered into a Material Definitive Agreement on February 27, 2024. The filing is a Current Report on Form 8-K, indicating a significant event for the company. Specific details of the agreement are not provided in this excerpt.
Why It Matters
This filing signals a significant corporate event for Mistras Group, Inc., potentially impacting its operations, financial standing, or strategic direction.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement, which could carry significant implications, but the lack of specific details prevents a definitive risk assessment.
Key Players & Entities
- Mistras Group, Inc. (company) — Registrant
- February 27, 2024 (date) — Date of earliest event reported
- 001-34481 (company) — Commission File Number
- 22-3341267 (company) — IRS Employer Identification No.
- 195 Clarksville Road (location) — Principal executive offices address
- Princeton Junction, New Jersey (location) — Principal executive offices city and state
- 08550 (location) — Principal executive offices zip code
- ( 609 ) 716-4000 (phone_number) — Registrant's telephone number
FAQ
What is the nature of the Material Definitive Agreement entered into by Mistras Group, Inc. on February 27, 2024?
The provided excerpt does not specify the nature of the Material Definitive Agreement; it only states that one was entered into on February 27, 2024.
What is Mistras Group, Inc.'s Commission File Number?
Mistras Group, Inc.'s Commission File Number is 001-34481.
What is the IRS Employer Identification Number for Mistras Group, Inc.?
The IRS Employer Identification Number for Mistras Group, Inc. is 22-3341267.
Where are Mistras Group, Inc.'s principal executive offices located?
Mistras Group, Inc.'s principal executive offices are located at 195 Clarksville Road, Princeton Junction, New Jersey, 08550.
What is the telephone number for Mistras Group, Inc.?
The telephone number for Mistras Group, Inc. is (609) 716-4000.
Filing Stats: 631 words · 3 min read · ~2 pages · Grade level 10.3 · Accepted 2024-03-01 16:15:25
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value MG New York Stock Exchange
- $10 million — ction 1.01 of the Credit Agreement from $10 million to $15 million for the periods ended De
- $15 million — he Credit Agreement from $10 million to $15 million for the periods ended December 31, 2023
Filing Documents
- mg-20240227.htm (8-K) — 33KB
- mistras-amendmentno1tocred.htm (EX-10.1) — 30KB
- 0001436126-24-000013.txt ( ) — 192KB
- mg-20240227.xsd (EX-101.SCH) — 2KB
- mg-20240227_lab.xml (EX-101.LAB) — 23KB
- mg-20240227_pre.xml (EX-101.PRE) — 12KB
- mg-20240227_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement On February 27, 2024, Mistras Group, Inc. entered into the First Amendment (the "Amendment") to its existing Credit Agreement (the "Credit Agreement"), dated August 1, 2022, with JPMorgan Chase Bank N.A., as administrative agent for the lenders and a lender and the other lenders under the Credit Agreement. The Amendment increases the amount of non-recurring cash charges (as defined in the Credit Agreement) allowed to be added back for any period of four consecutive quarters for purposes of defining EBITDA under Section 1.01 of the Credit Agreement from $10 million to $15 million for the periods ended December 31, 2023 to December 31, 2024. The allowable non-recurring cash charge addback reverts to $10 million starting January 1, 2025. Additionally, the minimum Consolidated Fixed Charge Coverage Ratio was reduced from 1.25 to 1, to 1.10 to 1, for the fiscal quarters ended December 31, 2023 and March 31, 2024. For the period ending June 30, 2024 to maturity, the Fixed Charge Coverage Ratio is 1.25 to 1 as stated in the Credit Agreement. The foregoing is a summary of the Amendment and not a complete description of its terms and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this Report and incorporated herein by reference.
01. Financial Statement and Exhibits
Item 9.01. Financial Statement and Exhibits Exhibit No. Description 10.1 First Amendment, dated February 27, 2024, to the Credit Agreement, dated August 1, 2022 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MISTRAS GROUP, INC. Date: March 1, 2024 By: /s/ Edward J. Prajzner Name: Edward J. Prajzner Title: Senior Executive Vice President and Chief Financial Officer Exhibit No. Description 10.1 First Amendment, dated February 27, 2024, to the Credit Agreement, dated August 1, 2022 3