HOUSTON, Sept. 22, 2020 /PRNewswire/ -- Quanta
Services, Inc. (NYSE:PWR) announced today the closing of its
offering of $1.0 billion aggregate
principal amount of 2.9% senior notes due 2030 for net proceeds of
approximately $986.7 million, after
deducting underwriting discounts and estimated offering expenses.
Quanta used the net proceeds from the offering, together with cash
on hand, to repay the term loans under its credit agreement.
Additionally, Quanta amended its credit agreement to, among other
things, increase the aggregate revolving commitments of the lenders
from $2.135 billion to $2.510 billion and extend the maturity date for
the revolving commitments under the credit agreement from
October 31, 2022 to September 22, 2025.
"Quanta is proud to have received an investment grade credit
rating associated with our recent debt offering and to have
expanded the capacity and extended the term of our credit facility,
which we believe points to our strong financial profile, the
resiliency and sustainability of our business model and a
positive multi-year outlook," said Duke
Austin, President and Chief Executive Officer of Quanta
Services.
Derrick Jensen, Quanta Services'
Chief Financial Officer commented, "This offering and amendment to
our credit facility provides long-term debt capital at attractive
rates, extends our debt maturities and diversifies our capital
structure into the investment grade credit market, which we believe
is beneficial for Quanta's long-term capital needs. We would like
to thank our lenders for their ongoing relationship with and
confidence in Quanta and welcome our new bond
investors."
BofA Securities, Inc., PNC Capital Markets LLC, Truist
Securities, Inc. and Wells Fargo Bank, National Association, acted
as arrangers for the amendment to Quanta's credit agreement.
About Quanta Services
Quanta Services is a leading
specialized contracting services company, delivering comprehensive
infrastructure solutions for the utility, pipeline, energy and
communications industries. Quanta's comprehensive services include
designing, installing, repairing and maintaining energy and
communications infrastructure. With operations throughout
the United States, Canada, Australia and select other international
markets, Quanta has the manpower, resources and expertise to safely
complete projects that are local, regional, national or
international in scope. For more information, visit
www.quantaservices.com.
Forward-Looking Statements
This press release (and any
oral statements regarding the subject matter of this press release)
contains forward-looking statements intended to qualify for the
"safe harbor" from liability established by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements
include, but are not limited to, statements relating to projected
operating or financial results and expectations regarding Quanta's
business or financial outlook;, as well as statements reflecting
expectations, intentions, assumptions or beliefs about future
events and other statements that do not relate strictly to
historical or current facts. Although Quanta's management
believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. These statements can be
affected by inaccurate assumptions and by a variety of known and
unknown risks and uncertainties that are difficult to predict or
beyond Quanta's control, including, among others, those described
in the prospectus supplement and accompanying base prospectus
relating to the offering; market conditions; the effects of
industry, economic, financial or political conditions outside of
the control of Quanta, including weakness in capital markets or the
ongoing and potential impact to financial markets and worldwide
economic activity resulting from the COVID-19 pandemic,
and related governmental actions; quarterly variations in operating
results, liquidity, financial condition, cash flows, capital
requirements, reinvestment opportunities or other financial
results, including the ongoing and potential impact to Quanta's
business, operations and supply chain of
the COVID-19 pandemic and related governmental actions;
the severity, magnitude and duration of
the COVID-19 pandemic, and other risks and
uncertainties detailed in Quanta's Annual Report on Form 10-K for
the year ended Dec. 31, 2019,
Quanta's Quarterly Reports on Form 10-Q for the quarters ended
Mar. 31, 2020 and Jun. 30, 2020 and any other documents that Quanta
files with the SEC. For a discussion of these risks, uncertainties
and assumptions, investors are urged to refer to Quanta's documents
filed with the SEC that are available through Quanta's website
at www.quantaservices.com or through EDGAR
at www.sec.gov. Should one or more of these risks materialize,
or should underlying assumptions prove incorrect, actual results
may vary materially from those expressed or implied in any
forward-looking statements. Investors are cautioned not to place
undue reliance on these forward-looking statements, which are
current only as of this date. Quanta does not undertake and
expressly disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Quanta further expressly disclaims any
written or oral statements made by any third party regarding the
subject matter of this press release.
Contact:
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Derrick Jensen, CFO
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Media – Jenna
Jackson
|
|
Kip Rupp, CFA -
Investors
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Quanta Services,
Inc.
|
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Quanta Services, Inc.
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(713)
341-6741
|
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(713)
629-7600
|
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SOURCE Quanta Services, Inc.