Enters new $690M revolving credit facility and $150M term loan

What did MYR GROUP INC. announce?

MYR Group Inc. entered into a new five-year Fourth Amended And Restated Credit Agreement providing $690 million revolving credit and a $150 million term loan.

Key details

• The new credit agreement includes a $690 million revolving credit facility and a $150 million U.S. Dollar term loan, plus a C$70 million Canadian Dollar term loan.
• The company has an expansion option to increase commitments by an additional $445 million.
• This new agreement replaces the previous $490 million revolving credit facility and $200 million expansion option.
• Borrowings are intended for refinancing existing debt, working capital, capital expenditures, acquisitions, and general corporate purposes.

Why it matters

This 8-K reports a financing at MYR GROUP INC.. The likely share-price reaction reads as neutral.