Jonathan H. Wolk, EVP, CFO, and Treasurer, MISTRAS Group, Inc.
Well, first I would say that we just, as I said in my remarks, extended and updated our revolving credit facility. Our banking group was extremely helpful. We were able to execute that amendment, thanks to our excellent banking group, very quickly within a month. We did slightly increase the amount of aggregate debt we can have under that facility to three in a quarter times from the previous three times trailing EBITDA. The banking group indicated they would be willing to go even higher than that under certain circumstances. We have ample flexibility. Having said that, our desire would be closer to one to one, just because it gives us more flexibility going forward so that if another terrific opportunity like NACHER Corporation comes along, we would be able to have the flexibility to pull the trigger and act on that kind of opportunity. We are going to work back toward one to one. My expectation is that we will be closer to 1.5 than 2 by the end of the current fiscal year and that we will work it down from there.
Andrew Wittmann, Robert W. Baird & Co.
Okay. Well, that is still pretty good cash flow. I mean, if EBITDA is $80 million-ish and you are over two times now, you are looking at somewhere like $80 million to $100 million to get down to that level. Is there something wrong with that math that we’re thinking about there?
Jonathan H. Wolk, EVP, CFO, and Treasurer, MISTRAS Group, Inc.
Well, as I said, we are about 1.9 as of November 30th timesprojected EBITDA, and we had a very good pay down in December bill that we think will mostly hold for the Q3. Of course, there will be working capital utilization as we continue to grow. But again, I expect that it will be closer to 1.5 times our full 2015 EBITDA by the end of the fiscal year and that will go down from there.
Sotirios J. Vahaviolos, Chairman, President, and CEO, MISTRAS Group, Inc.
Andrew, if I summarize this okay, our base is really one. That is our base, but at the same time, opportunistically, if there is an opportunity, we will go after it as we went after NACHER. We have the banks to support us.
Andrew Wittmann, Robert W. Baird & Co.
Yes, okay. That makes sense. I think I found the discrepancy that Jon is… It is kind of the way you have looked at the metric versus the way we did. You’re at 1.9 getting down to 1, so that cash flow is more modest than the math that I was suggesting earlier. That makes more sense. Thank you, guys, and have a good day.
Sotirios J. Vahaviolos, Chairman, President, and CEO, MISTRAS Group, Inc.
Thank you.
Jonathan H. Wolk, EVP, CFO, and Treasurer, MISTRAS Group, Inc.
Thank you, Andy. Thank you.
Operator
(Operator Instructions) Our next question comes from Tahira Afzal with KeyBanc. Your line is open.
Tahira Afzal, KeyBanc Capital Markets, Inc.
Thank you very much. Congratulations for a great quarter.
Sotirios J. Vahaviolos, Chairman, President, and CEO, MISTRAS Group, Inc.
Thank you, Tahira.
Jonathan H. Wolk, EVP, CFO, and Treasurer, MISTRAS Group, Inc.
Thanks, Tahira.
Tahira Afzal, KeyBanc Capital Markets, Inc.
My first question is, folks can you give me an idea as you look through your businesses, how much you would consider recurring as in inspection services, maintenance services, really tied to existing capacity versus new ones coming up?
Sotirios J. Vahaviolos, Chairman, President, and CEO, MISTRAS Group, Inc.
Okay.
Jonathan H. Wolk, EVP, CFO, and Treasurer, MISTRAS Group, Inc.
I am not sure we quite understood the question.
Tahira Afzal, KeyBanc Capital Markets, Inc.
Yes, sure. For example, if there is an Airbus plane coming up, a new plane that would be something tied to something new, but it is going into a refinery that already exists?
