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Wells Fargo CF Increases IES’ Credit Facility to $70 Million

May 04, 2016, 07:31 AM
Filed Under: Specialty Industries

Integrated Electrical Services, Inc. (IES) announced that the Company has entered into a Second Amendment (the "Amendment") to the Amended and Restated Credit and Security Agreement with Wells Fargo Capital Finance with improved terms.

Pursuant to the Amendment, the Company's maximum revolver amount increased from $60 million to $70 million.  Additionally, the Amendment modified the calculation of amounts available under the facility by expanding the definition of the assets we can include in our borrowing base and increasing our advance rates.  The interest rate on our current balance was decreased and the maturity date of the revolving credit facility was extended from August 9, 2018 to August 9, 2019.

IES's Chief Financial Officer, stated, "Our amended credit facility reflects IES's continued progress.  We expect these amended terms to significantly increase the amounts available to us to borrow under the credit facility, with the opportunity to further increase our availability under the facility as our business and asset base grows. I also want to thank Wells Fargo for their continued support of IES."

IES is a holding company that owns and manages diverse operating subsidiaries, comprised of providers of industrial infrastructure services to a variety of end markets.

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