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IES Holdings Announces New $300 Million Credit Facility
HOUSTON, Jan. 22, 2025 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced that it has amended and restated its
About this update from Ies Holdings, Inc.
[{"type":"text","content":"HOUSTON, Jan. 22, 2025 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced that it has amended and restated its existing Credit and Security Agreement, increasing the commitment amount of the revolving credit facility to $300 million from $150 million and extending the maturity date to January 21, 2030 while expanding the size of the lending group. In addition, the amended credit agreement transitions the Company to a cash flow-based facility, enabling increased borrowing capacity compared to the previous asset-based structure, where availability was limited by eligible collateral. Wells Fargo Bank, National Association acted as Administrative Agent, Wells Fargo Securities, LLC acted as Left Lead Arranger and Joint Bookrunner, and Fifth Third Bank, National Association acted as Joint Lead Arranger and Joint Bookrunner. Jeff Gendell, IES’s Chairman and Chief Executive Officer, said, “We appreciate the confidence that Wells Fargo, Fifth Third and our new banking partners have shown in IES through this larger and more flexible credit facility. This facility strengthens our ability to execute on our capital allocation strategy by providing us the liquidity and flexibility to pursue our strategic priorities, including organic growth, acquisitions, share repurchases and other investment opportunities.” About IES Holdings, Inc. IES designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities. Our more than 9,000 employees serve clients in the United States. For more information about IES, please visit www.ies-co.com. Company Contact: Tracy McLauchlinChief Financial OfficerIES Holdings, Inc.(713) 860-1500 Investor Relations Contact: Robert Winters or Stephen PoeAlpha IR [email protected] Certain statements in this release may be deemed “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, all of which are based upon various estimates and assumptions that the Company believes to be reasonable as of the date hereof. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “coul...