NORWALK, CONNECTICUT, February 8, 2010 -- 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 $550 million revolving credit facility with a syndicate led by BMO Capital Markets, Bank of America Merrill Lynch, and US Bank. The credit facility, which matures in February 2013, replaces the Company's existing $375 million credit facility, which was scheduled to mature in October 2010. The Company intends to use the proceeds from the credit facility for general corporate purposes, including repayment of indebtedness under its existing term loan agreement, working capital, capital expenditures, and acquisitions. The credit facility is secured by substantially all the assets of EMCOR and its subsidiaries.
Frank T. MacInnis, Chairman and Chief Executive Officer, stated, "Our new $550 million 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 for in the Company's Current Report on Form 8-K, which has been filed with the Securities and Exchange Commission.
About EMCOR Group, Inc.
EMCOR Group, Inc. is a Fortune 500® 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's 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, project 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, mix of business, and risks associated with foreign operations. Certain of the risks and factors associated with EMCOR's business are also discussed in the Company's 2008 Form 10-K, its Form 10-Q for the first quarter ended March 31, 2009, 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.
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FOR:
EMCOR GROUP, INC.
CONTACT:
R. Kevin Matz
Executive VP, Shared Services
(203) 849-7938
FD:
Investors: Eric Boyriven
(212) 850-5600
Media:
Linden Alschuler & Kaplan, Inc.
Suzanne Dawson/Cecile Fradkin
212-329-1420