secwatch.observer — SEC 8-K summary
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Issuer:     MYR GROUP INC. (MYRG)
CIK:        0000700923
Form:       8-K
Filed at:   2023-06-02T23:59:59+00:00
Accession:  0000700923-23-000049
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

MYR Group enters five-year $490M credit facility, replacing $375M facility
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/700923/000070092323000049/0000700923-23-000049-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/700923/000070092323000049/myrg-20230531.htm
  HTML page:      https://secwatch.observer/filing/0000700923-23-000049

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