Emcor gets expanded $750 million five-year revolver led by four banks

By Susanna Moon

Chicago, Nov. 22 - Emcor Group, Inc. closed a $750 million revolving credit facility Monday with a syndicate of banks led by BMO Capital Markets, Bank of America Merrill Lynch, U.S. Bank NA and JPMorgan Chase Bank NA as bookrunners, according to an 8-K filing with the Securities and Exchange Commission.

The facility matures in November 2016 and replaces the company's $550 million credit facility.

Interest on the loans will be 150 basis points to 200 bps, based on leverage. The commitment fee is 25 bps to 35 bps.

Proceeds from the credit facility for general corporate purposes, including working capital, capital expenditures and acquisitions.

The credit facility is secured by substantially all the assets of Emcor and its subsidiaries.

Bank of Montreal is agent. Bank of America Merrill Lynch, JPMorgan Chase Bank NA and U.S. Bank NA are the co-syndication agents. Fifth Third Bank is the documentation agent.

"This line of credit further enhances our liquidity and affords us greater financial flexibility to pursue our long-term objectives," Tony Guzzi, resident and chief executive officer, said in a press release.

Emcor is a Norwalk, Conn.-based provider of electrical and mechanical construction and facilities services.

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