PALM BEACH GARDENS, Fla.,
Dec. 6, 2019 /PRNewswire/ -- Dycom
Industries, Inc. (NYSE: DY) ("Dycom") announced today that due to
market conditions it has decided not to proceed with its previously
announced proposed offering of $300.0
million aggregate principal amount of senior notes due 2027
and its proposed repurchase of up to $275.0
million principal amount of its outstanding 0.75%
convertible senior notes due 2021. The convertible note hedge
transactions and warrant transactions entered into in connection
with the initial issuance of the convertible senior notes will
remain in place in their initial amount.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale or purchase of any of the
securities described herein in any state or jurisdiction in which
such an offer, solicitation, sale or repurchase would be unlawful
prior to the registration or qualification under the securities law
of any such jurisdiction.
About Dycom Industries, Inc.
Dycom is a leading provider of specialty contracting services
throughout the United States.
These services include program management; planning; engineering
and design; aerial, underground, and wireless construction;
maintenance; and fulfillment services for telecommunications
providers. Additionally, Dycom provides underground facility
locating services for various utilities, including
telecommunications providers, and other construction and
maintenance services for electric and gas utilities.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements as
contemplated by the 1995 Private Securities Litigation Reform Act.
These statements are subject to change. Forward looking statements
are based on management's current expectations, estimates and
projections. These statements are subject to risks and
uncertainties that may cause actual events or actual future results
to differ materially from the expectations set forth in any
forward-looking statements in this press release. The most
significant of these risks and uncertainties are described in the
Company's Form 10-K, Form 10-Q, and Form 8-K reports (including all
amendments to those reports), and include the Company's ability to
effectively execute its business and capital plans, business and
economic conditions and trends in the telecommunications industry
affecting the Company's customers, customer capital budgets and
spending priorities, the adequacy of the Company's insurance and
other reserves and allowances for doubtful accounts, whether the
carrying value of the Company's assets may be impaired, preliminary
purchase price allocations of acquired businesses, expected
benefits and synergies of acquisitions, the future impact of any
acquisitions or dispositions, adjustments and cancellations related
to the Company's backlog, weather conditions, the anticipated
outcome of other contingent events, including litigation, liquidity
and other financial needs, the availability of financing, the
Company's ability to generate sufficient cash to service its
indebtedness, restrictions imposed by our credit agreement, and the
other risks and uncertainties detailed from time to time in the
Company's filings with the Securities and Exchange Commission. The
forward-looking statements in this press release are qualified by
these risk factors. Although Dycom believes that these
forward-looking statements and information are based upon
reasonable assumptions and expectations, readers should not place
undue reliance on them, or any other forward-looking statements or
information in this press release. If any of these risks or
uncertainties materializes, Dycom's operating results and financial
performance could suffer, and actual results could differ
materially from the expectations described in these forward-looking
statements. The Company does not undertake any obligation to update
forward-looking statements.
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SOURCE Dycom Industries, Inc.