IES Holdings Amends and Expands Credit Facility
April 10 2017 - 4:30PM
IES Holdings, Inc. (or “IES”) (NASDAQ:IESC) today announced that
the Company has entered into a Second Amended and Restated Credit
and Security Agreement (the “Amendment”) with Wells Fargo Bank,
National Association, which expands the Company’s borrowing
capacity.
Pursuant to the Amendment, the Company’s maximum
revolver amount increased from $70 million to $100 million, and the
maturity date of the revolving credit facility was extended from
August 9, 2019 to August 9, 2021.
Tracy McLauchlin, IES's Chief Financial Officer,
stated, "This Amendment provides us with increased liquidity and
future capacity as we continue to execute our organic and
acquisition growth strategies. We are very appreciative of Wells
Fargo’s continued support and confidence, and look forward to
continuing this important relationship."
ABOUT IES HOLDINGS, INC.IES is
a holding company that owns and manages diverse operating
subsidiaries, comprised of providers of industrial infrastructure
services to a variety of end markets. Our over 4,000 employees
serve clients in the United States. For more information about IES,
please visit www.ies-co.com.
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," "could," "should,"
"expect," "plan," "project," "intend," "anticipate," "believe,"
"seek," "estimate," "predict," "potential," "pursue," "target,"
"continue," the negative of such terms or other comparable
terminology. These statements involve risks and uncertainties that
could cause the Company's actual future outcomes to differ
materially from those set forth in such statements. Such risks and
uncertainties include, but are not limited to, the ability of our
controlling shareholder to take action not aligned with other
shareholders; the possibility that certain tax benefits of our net
operating losses may be restricted or reduced in a change in
ownership; the potential recognition of valuation allowances on net
deferred tax assets; the inability to carry out plans and
strategies as expected, including our inability to identify and
complete acquisitions that meet our investment criteria in
furtherance of our corporate strategy; competition in the
industries in which we operate, both from third parties and former
employees, which could result in the loss of one or more customers
or lead to lower margins on new projects; fluctuations in operating
activity due to downturns in levels of construction, seasonality
and differing regional economic conditions; and our ability to
successfully manage projects, as well as other risk factors
discussed in this document, in the Company's annual report on Form
10-K for the year ended September 30, 2016 and in the Company's
other reports on file with the SEC. You should understand
that such risk factors could cause future outcomes to differ
materially from those experienced previously or those expressed in
such forward-looking statements. The Company undertakes no
obligation to publicly update or revise any information, including
information concerning its controlling shareholder, net operating
losses, borrowing availability, or cash position, or any
forward-looking statements to reflect events or circumstances that
may arise after the date of this release.
Forward-looking statements are provided in this press release
pursuant to the safe harbor established under the Private
Securities Litigation Reform Act of 1995 and should be evaluated in
the context of the estimates, assumptions, uncertainties, and risks
described herein.
General information about IES Holdings, Inc. can be found at
http://www.ies-co.com under "Investors." The Company's annual
report on Form 10-K, quarterly reports on Form 10-Q and current
reports on Form 8-K, as well as any amendments to those reports,
are available free of charge through the Company's website as soon
as reasonably practicable after they are filed with, or furnished
to, the SEC.
Contact: Tracy McLauchlin, CFO
IES Holdings, Inc.
713-860-1500
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