Limbach Holdings, Inc. (LMB): debt financing — Limbach acquires Pioneer Power for $66.1M; upsizes credit facility to $100M

Limbach Holdings, Inc.

Acquired Pioneer Power for $66.1M initial purchase price using cash and revolving credit facility.
Senior secured revolving credit facility upsized from $50M to $100M, maturity extended to July 2030.
Pioneer Power generated ~$135M revenue and $9M adjusted EBITDA in FY 2024.
Acquisition expected to be accretive to adjusted EBITDA and EPS beginning in FY 2025.
Expands Limbach's footprint into Upper Midwest mechanical contracting market.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Limbach Holdings, Inc. amended revolving credit of $100.0 million with Wheaton Bank & Trust Company, N.A. maturing July 1, 2030.

Instrument: revolving credit
Principal: $100.0 million
Counterparty: Wheaton Bank & Trust Company, N.A.
Maturity: July 1, 2030
Event: amendment

Exact text from the filing

The Second Amendment to the Second A&R Wintrust Credit Agreement provides for, among other things, (i) an upsize of the aggregate principal amount of the senior secured revolving credit facility from $50.0 million to $100.0 million, (ii) modifying the definition of “L/C Sublimit” to increase the sublimit for the issuance of letters of credit from $10.0 million to $20.0 million, (iii) an extension of the revolving credit scheduled maturity date from February 24, 2028 to July 1, 2030, (iv) a decrease in the applicable margins for Term SOFR and Prime Rate (each defined in the Second Amendment to the Second A&R Wintrust Credit Agreement) revolving loans as determined with reference to the Borrower’s Senior Leverage Ratio (as defined in the Second Amendment to the Second A&R Wintrust Credit Agreement), (v) a term loan conversion feature, allowing the Borrower, subject to certain conditions, to convert outstanding revolving loans into one or more term loan tranches, (vi) the removal of certa

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Limbach Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-25-033623

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