IES has amended and restated its existing credit and security agreement, increasing the commitment amount of the revolving credit facility to $300 million from $150 million and extending the maturity date to Jan. 21, 2030 while expanding the size of the lending group.
In addition, the amended credit agreement transitions the company to a cash flow-based facility, enabling increased borrowing capacity compared to the previous asset-based structure, where availability was limited by eligible collateral. Wells Fargo Bank acted as administrative agent, Wells Fargo Securities acted as left lead arranger and joint bookrunner and Fifth Third Bank acted as joint lead arranger and joint bookrunner.
“We appreciate the confidence that Wells Fargo, Fifth Third and our new banking partners have shown in IES through this larger and more flexible credit facility,” Jeff Gendell, chairman and CEO of IES, said. “This facility strengthens our ability to execute on our capital allocation strategy by providing us the liquidity and flexibility to pursue our strategic priorities, including organic growth, acquisitions, share repurchases and other investment opportunities.”
