WFCF Lowers Interest Rate Margins on IES Facility
Integrated Electrical Services announced that it has amended its credit and security agreement with Wells Fargo Capital Finance to reduce the interest rate margins of both the term loan and revolving credit facility by 1.0%, extend the maturity of the term loan and revolving credit facility by one year to August 9, 2017, and modify financial covenants.
Robert Lewey, IES’ chief financial officer, stated, “The extension and reduction in the interest rates of our term loan and revolving credit facility demonstrate Wells Fargo’s confidence in IES and further evidence of our financial progress. Wells Fargo continues to be an important partner as we seek to take advantage of acquisition opportunities that fit our investment criteria.”
Houston, TX-based Integrated Electrical Services is a holding company that, with the completion of the MISCOR acquisition, owns and manages diverse operating subsidiaries, comprised of providers of industrial products and infrastructure services to a variety of end markets.