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BofA, JPMorgan Chase Lead Lenders in Quanta Services Facility Increase to $1.81B

December 21, 2015, 07:15 AM
Filed Under: Energy Services

Quanta Services, Inc. has entered into an amended and restated credit agreement with a syndicate of lenders led by Bank of America, N.A. and JPMorgan Chase Bank, N.A., which increased the capacity under its senior secured revolving credit facility from $1.325 billion to $1.810 billion and extended the maturity date of the facility to Dec. 18, 2020. The amended credit facility contains more favorable terms and provides additional flexibility for borrowings in foreign currencies. Quanta also has the option to increase the revolving commitments available under the facility by up to $400 million, subject to certain conditions and receipt of additional lender commitments.

"We believe our financial strength and flexibility is a strategic advantage, so we opportunistically increased the size and extended the maturity date of our credit facility to capitalize on attractive pricing and terms," said Derrick Jensen, chief financial officer of Quanta Services. "We appreciate the support and confidence of the financial institutions involved in our credit facility. Along with our strong cash flow, the new facility provides Quanta greater financial flexibility to pursue large projects, acquisitions and other strategic opportunities as we execute our growth initiatives."

Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power and oil and gas industries.

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