WFCF Provides $30MM Facility to Integrated Electrical Services
Integrated Electrical Services, Inc., a national provider of infrastructure services, announced that it has entered into a new three-year credit and security agreement in the amount of up to $30 million with Wells Fargo Capital Finance. Funds from the credit facility may be used for working capital, issuance of letters of credit, acquisitions and other general corporate finance purposes.
James Lindstrom, chairman and CEO, stated, “We appreciate the confidence and increased financial commitment of Wells Fargo, as our new financing provides us the financial flexibility to meet our customers’ needs and to deliver market leading infrastructure services to the industrial, residential and commercial markets as the general economic environment improves. In addition, this financing provides us access to funds to opportunistically invest in additional platforms with similar mindsets, leading market positions and superior returns on capital.”
The new line of credit provides committed revolving funding through August 2015 at more favorable terms than the company’s existing credit facility that was to mature in November 2012 and contains customary affirmative, negative and financial covenants. Prior to the initial extension of credit under the facility, the company must deliver executed intercreditor agreements with each of the company’s current sureties on or before August 17, 2012. The company expects to deliver the intercreditor agreements prior to the August 17 deadline. Periculum Capital Company acted as financial adviser for the placement of the new credit facility.
Integrated Electrical Services, Inc. is an infrastructure services company that enjoys leading positions in a broad range of markets for electrical and communications products and services.