Limbach Holdings Provides Update on Refinancing
November 30 2018 - 1:10PM
Business Wire
Company Announces Amended Agreement with
Current Bank Group
Limbach Holdings, Inc. (Nasdaq: LMB) (“Limbach” or the
“Company”) today announced the Company has successfully amended the
terms of its credit agreement with its existing bank group, led by
Fifth Third Bank (“Fifth Third”) as Administrative Agent, Lender
and L/C Issuer and the other Lenders party thereto. As part of the
amended agreement, the lenders agreed to a waiver of the Company’s
previously disclosed non-compliance with the senior leverage and
fixed charge coverage ratio requirements under its existing Credit
Agreement.
Pursuant to the waiver agreement, Limbach and the bank group
have agreed to, among other things, (i) reduce the Lenders’ $25.0
million commitment under the Company’s revolving credit facility
(the “Credit Agreement revolver”) to $22.5 million on December 31,
2018 and $20.0 million on January 31, 2019, (ii) accelerate the
maturity date for the Credit Agreement revolver and the Credit
Agreement term loan facility from July 20, 2021 to March 31, 2020,
and (iii) require that certain actions be taken in connection with
refinancing of the Company’s obligations under the Credit Agreement
by certain scheduled dates.
About Limbach
Founded in 1901, Limbach is the 9th largest mechanical systems
solutions firm in the United States as determined by Engineering
News Record. Limbach provides building infrastructure services,
with an expertise in the design, installation and maintenance of
HVAC and mechanical, electrical, and plumbing systems for a
diversified group of commercial and institutional building owners.
Limbach employs more than 1,500 employees in 14 offices throughout
the United States. The Company’s full life-cycle capabilities, from
concept design and engineering through system commissioning and
recurring 24/7 service and maintenance, position Limbach as a
value-added and essential partner for building owners, construction
managers, general contractors and energy service companies.
Forward-Looking
Statements
We make forward-looking statements in this press release within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements relate to expectations or
forecasts for future events, including, without limitation, our
earnings, adjusted EBITDA, revenues, expenses, capital expenditures
or other future financial or business performance or strategies,
results of operations or financial condition, and in particular
statements regarding the timing of the recognition of backlog as
revenue, the timing of the completion of projects in the
Mid-Atlantic branch, the potential for recovery of cost overruns,
the ability of the Company to successfully remedy the issues that
have led to write-downs in its Mid-Atlantic branch, and the ability
of the Company to enter into a restructured credit agreement with
its existing lenders and to refinance its existing credit
facilities on favorable terms or at all. These statements may be
preceded by, followed by or include the words “may,” “might,”
“will,” “will likely result,” “should,” “estimate,” “plan,”
“project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,”
“seek,” “continue,” “target” or similar expressions. These
forward-looking statements are based on information available to us
as of the date they were made and involve a number of risks and
uncertainties which may cause them to turn out to be wrong.
Accordingly, forward-looking statements should not be relied upon
as representing our views as of any subsequent date, and we do not
undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws. As a
result of a number of known and unknown risks and uncertainties,
our actual results or performance may be materially different from
those expressed or implied by these forward-looking statements.
Please refer to our most recent annual report on Form 10-K, as well
as our subsequent filings on Form 10-Q and Form 8-K, which are
available on the SEC’s website (www.sec.gov), for a full discussion
of the risks and other factors that may impact any forward-looking
statements in this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181130005476/en/
Investor Relations:The Equity Group Inc.Jeremy Hellman,
CFASenior Associate(212) 836-9626 / jhellman@equityny.comOrLimbach
Holdings, Inc.John T. Jordan, Jr.Executive Vice President and Chief
Financial Officer(301) 623-4799 / john.jordan@limbachinc.com
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