Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Amendment to Senior Secured Credit Facilities

On February 22, 2022, the Company entered into Amendment No. 9 (“Amendment No. 9 to the Third Amended and Restated Credit Agreement"), dated as of November 2, 2016 (as the same has been amended, supplemented or otherwise modified prior to February 22, 2022, and as further amended by Amendment No. 9, the “Senior Secured Credit Facility”), with Bank of America, N.A., as administrative agent and as collateral agent, the lenders party thereto, and the other parties thereto. Amendment No. 9 reset the required level of the net debt to consolidated adjusted EBITDA ratio covenant beginning with the quarter ending on March 31, 2022 through the quarter ending December 31, 2023. As a result of this amendment, the net debt to consolidated adjusted EBITDA ratio covenant was set at 5.75 for the quarter ending March 31, 2022, and then decreases quarterly by 0.25 until reaching 4.00 for the quarters ending December 31, 2023 and thereafter. In addition, upon closing on the

divestiture of the former Harsco Rail Segment, the net debt to consolidated adjusted EBITDA ratio covenant will decrease by an additional 0.25, provided, however, it will not go below 4.00.