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IES Holdings Announces Extension of Credit Agreement with Improved Terms
September 9, 2019
Source: Yahoo Finance
IES Holdings, Inc. (or “IES” or the “Company”) (IESC) today announced that it has entered into an amendment to its credit agreement with Wells Fargo Bank, National Association.
The amendment extends the maturity of the credit agreement from August 9, 2021 to September 30, 2024, reduces the applicable interest rate margins across the borrowing grid, eliminates the minimum EBITDA covenant, and modifies certain other terms to provide the Company with additional flexibility. The maximum borrowing amount under the revolving credit facility established by the credit agreement remains at $100 million.
Tracy McLauchlin, IES's Chief Financial Officer, stated, "This amendment is a recognition of our strong financial position and provides us greater flexibility as we seek to maximize shareholder value through a disciplined approach to capital allocation that includes organic growth, acquisitions and the return of capital through stock repurchases. We are very appreciative of Wells Fargo’s continued support and confidence."
About IES Holdings, Inc.
IES is a holding company that owns and manages operating subsidiaries that provide electrical contracting and other infrastructure services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities. Our more than 5,000 employees serve clients in the United States. For more information about IES, please visit www.ies-co.com.
Tracy McLauchlin, CFO
IES Holdings, Inc.