Integrated Electrical revolver to resurface in August via Bank of America

By Sara Rosenberg

New York, July 22 - Integrated Electrical Services Inc. is expected to bring back its asset-based revolving credit facility sometime in August, with Bank of America set to lead the new deal, according to a market source.

The proposed revolver, which is hoped to kick off in early-to-mid August, will be in the area of $100 million to $110 million, the source said.

Integrated Electrical Services' launched a $100 million five-year asset-based revolving credit facility on July 12 via Credit Suisse First Boston, but, as rumors earlier this week anticipated, that deal was pulled.

Previous speculation had the Bank of America version potentially containing a small junior piece in addition to the revolver, however, that will not be the case, the source added.

Proceeds from the new bank debt will be used to refinance existing debt.

Integrated Electrical Services is a Houston-based provider of electrical solutions to the commercial and industrial, residential and service markets.

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