BofA, Wells Fargo Lead $1.325B Facility for Quanta
Quanta Services announced that it entered into an amended and restated credit agreement with a syndicate of lenders led by Bank of America and Wells Fargo, increasing the capacity under the senior secured revolving credit facility from $700 million to $1.325 billion and extending the maturity date to October 30, 2018.
The amended credit facility offers more favorable terms and rates as well as provides additional flexibility for borrowings in foreign currencies. In addition, the amended credit facility contains an accordion feature that permits Quanta to increase the amount available under the facility by an additional $300 million to $1.625 billion.
“We are pleased with the increase and extension of our credit facility and appreciate the support and confidence of the financial institutions involved,” said Derrick Jensen, chief financial officer of Quanta Services. “Along with our strong cash-flow, the amended credit facility provides Quanta greater financial flexibility to pursue large projects, acquisitions and other strategic opportunities as we execute on our growth initiatives. An important additional feature is the ability to borrow in Canada and Australia, both key international growth markets for Quanta.”
Quanta Services is a specialized contracting services company, delivering infrastructure solutions for the electric power and natural gas and pipeline industries.