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Mistras Group, Inc. (MG)

NYSE - NYSE Delayed Price. Currency in USD
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10.07-0.31 (-2.99%)
At close: 4:00PM EDT
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Neutralpattern detected
Previous Close10.38
Bid9.36 x 1300
Ask10.42 x 800
Day's Range9.86 - 10.39
52 Week Range3.15 - 12.57
Avg. Volume110,480
Market Cap295.267M
Beta (5Y Monthly)2.20
PE Ratio (TTM)N/A
EPS (TTM)-3.41
Earnings DateAug 03, 2021 - Aug 09, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est13.08
  • Mistras Group (NYSE:MG) Could Be Struggling To Allocate Capital
    Simply Wall St.

    Mistras Group (NYSE:MG) Could Be Struggling To Allocate Capital

    If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll...

  • MISTRAS Group Announces Amendment to Existing Credit Agreement

    MISTRAS Group Announces Amendment to Existing Credit Agreement

    Significantly Lowers the Cost of Borrowing, Adds Expanded Covenant Flexibility, and Enables Continued Investment in Organic Growth Drivers, Including Digital Data InitiativesImmediately lowers the effective cost of borrowing by 90 basis pointsAdds additional covenant flexibility by extending leverage allowance to 4.0X EBITDA for one year Maintains required liquidity, through a modest contraction of $10 million in the unused committed revolver at closing PRINCETON JUNCTION, N.J., May 19, 2021 (GLOBE NEWSWIRE) -- MISTRAS Group, Inc. (NYSE: MG) – a leading, "one source" multinational provider of integrated technology-enabled asset protection solutions – announced an amendment to its existing credit agreement. The updated terms of the agreement consist of $253.1 million of aggregate credit facilities, including a funded $88.1 million loan and a $165.0 million revolving facility, of which $125.1 million was outstanding at March 31, 2021. The maturity of the credit agreement remains at December 2023. The new credit terms result in an immediate reduction in the effective interest rate via removal of a 1.00% LIBOR floor, which effectively lowers the all-in cost of borrowing by 90 basis points. This reduction represents an annual interest expense savings of approximately $1.9 million. The amendment modestly contracts the unused revolving credit by $10.0 million at closing with an additional $15.0 million reduction later in 2021. The amendment also adds a modest step up in required term loan amortization, increasing the required payment to $3.75 million quarterly for the remainder of 2021, and $5.0 million quarterly for 2022 and 2023. This amendment also provides the Company with leverage flexibility by increasing the maximum allowable total funded debt up to 4.0X adjusted EBITDA for the Q2 2021 through Q1 2022 measurement periods, with a step down to 3.5X for the Q2 2022 measurement period and all periods thereafter. This compares to the prior allowable funded debt of up to 3.75X for the Q2 2021 measurement, and 3.5X for Q3 2021 and all periods thereafter, per the previous amendment. The Company also retained its $100 million uncommitted accordion. ”We have an extremely supportive bank group, and appreciate their willingness to partner with us in creating shareholder value,” said Ed Prajzner, MISTRAS Group Chief Financial Officer (CFO). “This amendment to our existing credit agreement yielded us a lower cost of borrowing, with ample liquidity to fund our growth. Although this amendment gives us additional leverage flexibility, we anticipate further deleveraging as our capital allocation strategy remains to apply all residual free cash flow to debt service. The additional amortization requirement, which doubles the previous required amortization over the next two years, was in line with our existing debt repayment plans. More immediately, once we are below 3.75X later in 2021, our cost of borrowing will drop by an additional 165 basis points prospectively.” “This finance restructuring represents an important milestone towards the continued investment in our data initiatives and other organic growth drivers to help propel a more digital and diversified future,” said Dennis Bertolotti, MISTRAS Group President and Chief Executive Officer (CEO). “Through this refinancing, we’re restoring the flexibility to accelerate investments in our customers and employees.” MISTRAS continues to invest in data solutions, including its mobile field inspection and execution platform, MISTRAS Digital®, along with a forthcoming insights-driven asset protection software ecosystem. With the burgeoning success of these initiatives – with MISTRAS Digital® already being implemented at facilities owned by a multitude of major energy companies – this amendment enables the Company to utilize its resources in support of their continued advancement. About MISTRAS Group, Inc. - One Source for Asset Protection Solutions® MISTRAS Group, Inc. (NYSE: MG) is a leading "one source" multinational provider of integrated technology-enabled asset protection solutions, helping to maximize the safety and operational uptime for civilization’s most critical industrial and civil assets. Backed by an innovative, data-driven asset protection portfolio, proprietary technologies, and decades-long legacy of industry leadership, MISTRAS leads clients in the oil and gas, aerospace and defense, renewable and nonrenewable power, civil infrastructure, and manufacturing industries towards achieving and maintaining operational excellence. By supporting these organizations that help fuel our vehicles and power our society; inspecting components that are trusted for commercial, defense, and space craft; and building real-time monitoring equipment to enable safe travel across bridges, MISTRAS helps the world at large. MISTRAS enhances value for its clients by integrating asset protection throughout supply chains and centralizing integrity data through a suite of Industrial IoT-connected digital software and monitoring solutions. The company’s core capabilities also include non-destructive testing field and in-line inspections enhanced by advanced robotics, laboratory quality control and assurance testing, sensing technologies and NDT equipment, asset and mechanical integrity engineering services, and light mechanical maintenance and access services. For more information about how MISTRAS helps protect civilization’s critical infrastructure, visit https://www.mistrasgroup.com/. MEDIA CONTACT:Nestor S. MakarigakisGroup Vice-President of Marketing and Communications+1 (609) 716-4000 | marcom@mistrasgroup.com

  • Voltalia signs a share purchase agreement to sell  187-megawatt wind projects to Brazilian utility Copel

    Voltalia signs a share purchase agreement to sell 187-megawatt wind projects to Brazilian utility Copel

    Voltalia (Euronext Paris, ISIN code: FR0011995588), an international player in renewable energies, today announced the signing of a share purchase agreement for the sale of 100% of its 128 megawatt VSM2 and 59 megawatt VSM4 wind farms to the Brazilian utility Copel. The actual sale is scheduled for November 30, 2021, once the conditions precedent have been met. Over the past years, Voltalia has pursued a strategy consisting in developing a high volume of competitive projects with the view of keeping some projects while partnering with strategic partners for others. As of today, Voltalia owns 624 megawatts of operating wind farms and 187 megawatts of wind farms under construction at Serra Branca in Brazil, the world's largest wind-and-solar complex, with a potential of 2.4 gigawatts, developed entirely by Voltalia. In addition, Voltalia owns wind, solar and hybrid assets in operation and in construction located in the Brazilian states of Rio Grande do Norte, Bahia and Amapá, for a total of 223 megawatts. In parallel, Voltalia develops a pipeline of future solar, wind and hydro projects representing a total of 5,1 gigawatts as of end of 2020. This pipeline has been increasing over the past years, and important development milestones achieved since the beginning of 2021 will significantly expand further this pipeline. Voltalia will therefore continue to sell a big portion of its future projects. The VSM2 and VSM4 wind farms are both part of the Serra Branca cluster. The wind farms will use the infrastructure developed and built by Voltalia, including the 500 kV transmission lines. VSM2 has just completed its commissioning, while VSM4, currently under construction, is expected to begin operations in June. Voltalia's teams will continue to operate and maintain both plants after the sale to Copel. Copel is one of Brazil's leading utilities, serving 4.8 million customers in 395 municipalities and 1,113 localities (districts, towns and villages). This acquisition is in line with the Company’s sustainable growth strategy in the field of renewable energy and is fully consistent with its recent investment policy approved earlier this year. Copel is listed on the São Paulo, New York and Madrid stock exchanges and its main shareholder is the State of Paraná. A long-time partner of Voltalia, with a minority stake in Voltalia's SMG wind farm (108 megawatts) since 2015, Copel was recently one of the counterparties of the long-term power sales agreements totaling 270 megawatts for the SSM 1&2 solar farms. "This share purchase agreement shows our partners' renewed confidence in our quality projects and our continuous strategy to develop a large amount of projects, providing additional revenues for our Services activity. VSM2 and VSM4 will continue to create value for the Group, as the maintenance of both wind farms will be handled by Voltalia's teams," said Sébastien Clerc, Voltalia’s CEO. The Serra banca cluster as of today: Ownership Technology Status Capacity (in MW)Before transaction Capacity (in MW)After transaction Developed and owned by Voltalia Wind Operating 624 496 Developed and sold with services by Voltalia Wind Operating 273 401 Sub total 897 897 Developed and owned by Voltalia Wind Construction 187 128 Developed and sold with services by Voltalia Wind Construction 301 360 Sub total 488 488 Developed & Owned by Voltalia Solar Ready to build with PPA 530 530 Under Development by Voltalia Solar & Wind Development ~500 ~500 Grand Total ~2 400 ~2 400 Next meeting : General Assembly 2021, 19 May 2021 at 3pm About Voltalia (www.voltalia.com) Voltalia is an international player in the renewable energy sector. The Group produces and sells electricity generated from wind, solar, hydraulic, biomass and storage facilities that it owns and operates. Voltalia has generating capacity in operation and under construction of more than 1.4 GW and a portfolio of projects under development representing total capacity of 9.7 GW. Voltalia is also a service provider and supports its investor clients in renewable energy projects during all phases, from design to operation and maintenance. As a pioneer in the corporate market, Voltalia provides a global offer to private companies, ranging from the supply of green electricity and energy efficiency services to the local production of their own electricity. The Group has more than 1,130 employees and is present in 20 countries on 4 continents and is able to act worldwide on behalf of its clients. Voltalia is listed on the regulated market of Euronext Paris, compartment B (FR0011995588 – VLTSA) and is part of the Enternext Tech 40 and CAC Mid & Small indices. The Group is also included in the Gaïa-Index, an index for socially responsible midcaps. VoltaliaInvestor Relations: invest@voltalia.comT. +33 (0)1 81 70 37 00 ActifinPress Contact: Jennifer Julliajjullia@actifin.fr . T. +33 (0)1 56 88 11 11 Attachment Voltalia signs a share purchase agreement to sell 187-megawatt wind projects to Brazilian utility Copel