NORWALK, CONNECTICUT, November 22, 2011 – EMCOR Group, Inc. (NYSE: EME), a Fortune 500® leader in mechanical and electrical construction, energy infrastructure and facilities services for a diverse range of businesses, today announced that it has closed on a $750 million revolving credit facility with a syndicate of banks led by BMO Capital Markets, Bank of America Merrill Lynch, US Bank and J.P. Morgan Chase Bank. The credit facility, which matures in November 2016, replaces the Company’s existing $550 million credit facility. The Company intends to use the proceeds from the credit facility for general corporate purposes, including working capital, capital expenditures, and acquisitions. The credit facility is secured by substantially all the assets of EMCOR and its subsidiaries.
Tony Guzzi, President and Chief Executive Officer, stated, "Our new revolving credit facility is clear evidence of the benefits of our continued commitment to solid financial management and the strength of our balance sheet. This line of credit further enhances our liquidity and affords us greater financial flexibility to pursue our long-term objectives."
Further details of the credit agreement are provided in the Company’s Current Report on Form 8-K, which has been filed with the Securities and Exchange
About EMCOR Group, Inc.
EMCOR Group, Inc. is a Fortune 500â worldwide leader in mechanical and electrical construction services, energy infrastructure and facilities services. This press release and other press releases may be viewed at the Company’s Web site at www.emcorgroup.com.
This release may contain certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995. Any such comments are based upon information available to EMCOR management and its perception thereof, as of this date, and EMCOR assumes no obligation to update any such forward-looking statements. These forward-looking statements may include statements regarding market opportunities, market share growth, gross profit, backlog mix, projects with varying profit margins, and selling, general and administrative expenses. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Accordingly these statements are no guarantee of future performance. Such risk and uncertainties include, but are not limited to, adverse effects of general economic conditions, changes in the political environment, changes in the specific markets for EMCOR’s services, adverse business conditions, availability of adequate levels of surety bonding, increased competition, unfavorable labor productivity and mix of business and that the USM business will not be integrated successfully and that the cost savings from the USM transaction may not be fully realized or may take longer to realize than expected or that disruption from the transaction may make it more difficult to maintain relationships with customers, employees or suppliers. Certain of the risks and factors associated with EMCOR’s business are also discussed in the Company’s 2010 Form 10-K and in other reports filed from time to time with the Securities and Exchange Commission. All these risks and factors should be taken into account in evaluating any forward-looking statements.###
R. Kevin Matz
Executive Vice President
FTI Consulting, Inc.
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