MYR GROUP INC. (MYRG): debt financing — MYR Group enters five-year $490M credit facility, replacing $375M facility

MYR GROUP INC.

Revolving credit facility increased from $375M to $490M, with $200M expansion option.
Facility secured by substantially all assets of company and domestic subsidiaries; domestic subs guarantee repayment.
Financial covenants: max net leverage ratio 3.0, min interest coverage ratio 3.0.
Interest at Alternate Base Rate + 0.25-1.00% or Term Benchmark Rate + 1.25-2.00%; SOFR replaces LIBOR.
Proceeds to refinance existing debt and fund working capital, capex, acquisitions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

MYR GROUP INC. incurred revolving credit of $490 million with JPMorgan Chase Bank, N.A. and Bank of America, N.A. at Alternate Base Rate plus applicable margin ranging from 0.25% to 1.00%, or Term maturing five-year.

Instrument: revolving credit
Principal: $490 million
Counterparty: JPMorgan Chase Bank, N.A. and Bank of America, N.A.
Rate: Alternate Base Rate plus applicable margin ranging from 0.25% to 1.00%, or Term
Maturity: five-year
Event: incurrence

Exact text from the filing

On May 31, 2023, MYR Group Inc. (the “Company”) entered into a five-year third amended and restated credit agreement (the “Credit Agreement”) which provides a revolving credit facility of $490 million (the “Facility”) with a syndicate of banks led by JPMorgan Chase Bank, N.A. and Bank of America, N.A.

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Source: SEC EDGAR

accession 0000700923-23-000049

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