Dec. 16, 2013: EMCOR Group Announces New Expanded Credit Facility
Agreement Is Comprised of $750 Million Revolving Credit Facility and $350 Million Term Loan
The credit agreement is comprised of a $750 million revolving credit facility and a $350 million term loan A. The credit facility, which matures in November 2018, replaces the company’s existing $750 million revolving credit facility. The company is using the proceeds of the term loan to repay amounts drawn under its revolving credit facility in connection with its recently announced acquisition of RepconStrickland Inc. The revolving credit facility will be used for working capital and other general corporate purposes. The loans under the credit agreement are secured by substantially all the assets of EMCOR and its subsidiaries.
Tony Guzzi, president and chief executive officer, said, “Our new credit agreement is a testament to our commitment to sound financial management and to the strength of our balance sheet. The credit agreement will allow us to maintain our excellent liquidity and will afford us greater financial flexibility to pursue our long-term strategic objectives and to capitalize on new growth opportunities.”
For more information, visit www.emcorgroup.com.
Publication date: 12/16/2013