WFCF Amends Integrated Electrical Credit Facility
Integrated Electrical Services announced that it has amended its credit and security agreement with Wells Fargo Capital Finance. The amended facility expands the maximum revolver amount from $30 million to $60 million, extends the maturity to August 9, 2018 and replaces the term loan with optional drawdowns that have more favorable terms than the term loan, including a lower interest rate.
Robert Lewey, IES’ chief financial officer, stated, “We view the expanded facility as a reflection of the progress that IES has made in recent years and our improving prospects. The facility, combined with the approximately $19.7 million in net proceeds raised from our rights offering, provides us with additional capital to pursue acquisition targets and to invest in our current businesses. Once again, we thank Wells Fargo for their continued trust in our management team and our operations.”
Integrated Electrical Services is a holding company that owns and manages diverse operating subsidiaries, comprised of providers of industrial products and infrastructure services to a variety of end markets.