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Quanta Services extends $1.81 billion revolver to 2022, edits pricing
By Wendy Van Sickle
Columbus, Ohio, Nov. 6 – Quanta Services, Inc. extended the maturity of its $1.81 billion senior secured revolving credit facility to Oct. 31, 2022 from Dec. 18, 2020, according to an 8-K filing with the Securities and Exchange Commission.
The company also changed the interest rate under the Oct. 31 amendment to the credit agreement with Bank of America, NA as administrative agent.
Revolver borrowings now bear interest at Libor plus a margin ranging from 112.5 basis points to 200 bps, the letter of credit fee now ranges from 112.5 bps to 200 bps, and the commitment fee ranges from 20 bps to 40 bps, each depending on the company’s consolidated leverage ratio. The initial margin and letter of credit fee is 137.5 bps, and the initial commitment fee is 25 bps.
Performance letters of credit are now subject to a letter of credit fee of 67.5 bps to 115 bps, depending on the leverage ratio. Initially the fee for performance letters of credit is 82.5 bps.
Bank of America Merrill Lynch and JPMorgan Chase Bank, NA acted as arrangers for the amendment.
At closing of the amendment, the company had about $384.9 million of outstanding letters of credit issued under the credit agreement and $685 million of outstanding revolving loans.
Quanta is a Houston-based specialized contracting services company.
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