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SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2024
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On April 15, 2024, the Company signed a definitive agreement to acquire Elevated Facility Services Group (“Elevated”), a premier provider of contractually based services for all major brands of elevator and escalator equipment. Elevated will be acquired from a fund managed by L Squared Capital Partners for approximately $570 in cash, subject to working capital and other standard adjustments. The transaction is expected to close in the second quarter of 2024, subject to customary closing conditions and regulatory approvals. On April 16, 2024, the Company entered into an underwriting agreement relating to the underwritten public offering of 11,000,000 shares of common stock at a public offering price of $37.50 per share. The offering closed on April 19, 2024. The underwriters exercised the option in the agreement to purchase an additional 1,650,000 shares of common stock on April 23, 2024. The net proceeds to the Company from the offering were $457 after deducting underwriting discounts, commissions, and offering expenses. On April 30, 2024, the Company began a process to reprice its 2021 Term Loan with a remaining principal of $1,707. The Company expects that the repricing will reduce the applicable margin on all outstanding amounts. Additionally, the Company expects to increase the existing 2021 Term Loan by approximately $550 on the same terms as the current 2021 Term Loan. The Company expects to use the proceeds of approximately $550 to refinance the 2019 Term Loan with a remaining principal balance of $330 and repay the $100 Revolving Credit Facility borrowing as well as to provide funds for general corporate purposes, including the acquisition of Elevated. The Company expects the transaction to close in May 2024.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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