Comfort Systems USA, a provider of mechanical services including heating, ventilation, air conditioning, plumbing, piping and controls, has amended its existing senior debt facility to increase the credit commitment amount to $325 million and to extend the term to February 22, 2021.
Wells Fargo Bank will serve as administrative agent for the facility. BOKF, dba Bank of Texas, was syndication agent, and Capital One and Branch Banking and Trust Company were co-documentation agents. The company also welcomed SunTrust to its core group of lenders.
Brian Lane, Comfort Systems USA’s president and CEO, said, “We are very pleased that our lenders have graciously provided us with additional capacity and flexibility as we continue to seek paths to return value to our stockholders. The facility complements our rock-solid balance sheet and continues to provide an advantage in an industry where owners and general contractors value partners with strong financial foundations.”
The credit commitment under the facility has increased from $250 million to $325 million, and the facility has a new five-year term. The facility continues to provide advantageous credit costs, reasonable covenants and overall flexibility for the company. This amendment also includes additional flexibility with respect to acquisitions, dividends and stock buybacks.