GTLS On Other Exchanges
Symbol
Exchange
Berlin
NASDAQ GS
chart industries inc
Chart Industries, Inc. Reiterates Earnings Guidance for the Year 2019

Chart Industries, Inc. reiterated earnings guidance for the year 2019. For the year, the company reiterates revenue guidance of $1.41 billion to $1.46 billion.

Chart Industries, Inc. to Report Q2, 2019 Results on Jul 18, 2019

Chart Industries, Inc. announced that they will report Q2, 2019 results at 10:00 AM, GMT Standard Time on Jul 18, 2019

Chart Industries, Inc., Q2 2019 Earnings Call, Jul 18, 2019

Chart Industries, Inc., Q2 2019 Earnings Call, Jul 18, 2019

Chart Industries, Inc. Enters into Fourth Amended and Restated Credit Agreement

On June 14, 2019, Chart entered into the Fourth Amended and Restated Credit Agreement (the “New Credit Agreement”) by and among Chart, Chart Industries Luxembourg S.à.r.l. (“Chart Lux”), Chart Asia Investment Company Limited (“Chart Asia”, together with Chart Lux and Chart, the “Borrowers”), the other foreign borrowers from time to time party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A. The New Credit Agreement provides for (i) a $450 million term loan facility (the “New Term Loan Facility”) and (ii) a revolving credit facility (the “New Revolving Credit Facility” and, together with the New Term Loan Facility, the “New Credit Facilities”) in a principal amount of up to $550 million, which includes a $100 million sublimit for letters of credit, a $250 million sublimit for discretionary letters of credit and a $50 million sublimit for swingline loans. Under the terms of the New Credit Agreement, Chart may, subject to the satisfaction of certain conditions, request increases in the revolving credit facility commitments and term loans in an aggregate principal amount of up to $450 million or a lesser amount in integral multiples of $25 million to the extent existing or new lenders agree to provide such increased or additional commitments, as applicable. The proceeds of the New Credit Facilities are to be used (i) to fund the Acquisition and related transaction costs, (ii) to refinance existing indebtedness, (iii) for working capital and (iv) for general corporate purposes. The New Credit Facilities have a five year maturity. The obligations of the Borrowers under the New Credit Agreement are guaranteed by each of the Borrowers’ material domestic subsidiaries, subject to certain exceptions (such material domestic subsidiaries, together with the Borrowers collectively, the “Credit Parties”). The obligations of the Credit Parties under the New Credit Agreement and the other loan documents delivered in connection therewith are secured by a first priority security interest in substantially all of the existing and future personal property of the Credit Parties, including, without limitation, 65% of the voting capital stock of certain of the Credit Parties’ direct foreign subsidiaries, subject to certain exceptions. The New Credit Agreement contains customary representations and warranties and certain covenants that limit (subject to certain exceptions) the ability of Chart and its subsidiaries to, among other things, (i) incur or guarantee additional indebtedness, (ii) incur or suffer to exist liens, (iii) make investments, (iv) consolidate, merge or transfer all or substantially all of their assets, (v) sell assets, (vi) pay dividends or other distributions on, redeem or repurchase capital stock, (vii) enter into transactions with affiliates, (viii) amend, modify, prepay or redeem certain indebtedness, (ix) enter into certain restrictive agreements, (x) engage in a new line of business, and (xi) enter into sale leaseback transactions. In addition, the New Credit Agreement contains financial maintenance covenants that, as of the last day of any fiscal quarter ending on and after June 30, 2019, (i) require the ratio of the amount of Chart and its subsidiaries’ consolidated total net indebtedness to consolidated EBITDA to be less than specified maximum ratio levels and (ii) require the ratio of the amount of Chart and its subsidiaries’ consolidated EBITDA to consolidated cash interest expense to be greater than a specified minimum ratio level. The New Credit Agreement also contains customary events of default. If such an event of default occurs, the lenders there under would be entitled to take various actions, including the acceleration of amounts due under the New Credit Agreement and all actions permitted to be taken by a secured creditor.

Chart Industries, Inc. Books $10 Million Order for Utility-Scale LNG Project

Chart Industries, Inc. has booked a $10.4 million order for the liquefier, compressor, and tank equipment content on a utility-scale liquefied natural gas (LNG) project in the Northeast United States. The small-scale LNG (“ssLNG”) and utility-scale LNG markets serve a different customer set than mid-scale and base-load export terminal operators. These smaller liquefaction plants typically have a production capacity of less than 500,000 tons per year, and serve specific uses such as marine bunkering, fuel for over the road transport, and power generation in targeted locations. Utility clients are moving toward LNG as an option for a peak capacity market demand solution in gas pipeline constrained areas such as the East Coast of the United States. This is a natural solution for geographies that have distribution system growth while unable to add incremental capacity. This trend is evidenced by other recently announced utility-scale projects on which have equipment and process content. In the fourth quarter of 2018, the company booked an $8.4 million order for the first LNG project for NiCHe LLC, a Dominion Energy/REV LNG Joint Venture. This project, Towanda, is a 50,000 gallon per day nitrogen cycle liquefier in Northeastern Pennsylvania. The company are providing the liquefier and the compressor for the plant which is expected to be actively producing by the end of 2019. The company is working with ODIN as the EPC for both of these projects. ODIN, formerly Northstar Industries, is a leading utility-scale LNG and natural gas infrastructure EPC provider that Chart has worked with many times over the last 25 years of the company’s existence. The activity in the utility-scale LNG space is not limited to the Northeast United States. Duke Energy, the parent of Piedmont Natural Gas, continues to progress its LNG strategy. In May 2019, Piedmont Natural Gas announced the start of its construction of their 1 billion-cubic-foot storage facility, with an estimated completion date in the summer of 2021. Earlier in 2019 the company booked an order from Nikkiso Cosmodyne for the supply of brazed aluminum heat exchangers for a major utility company in the United States. Outside of the United States, there are significant opportunities for island-based LNG to drive power demand, especially in the Mediterranean Sea and Southeast Asia. Small-scale and utility-scale LNG is projected to grow to between 75 million and 95 million tons by 2030. In the next three years, the company estimate total market opportunity to be over $650 million for Chart equipment and process on these applications.

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Price/Earnings 45.3x
Price/Sales 1.9x
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Price/Cash Flow 23.0x
TEV/Sales 1.6x
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