Attached files
| file | filename |
|---|---|
| 8-K - FORM8-K - DYCOM INDUSTRIES INC | form8-k.htm |
| EX-10.1 - EX10-1 - DYCOM INDUSTRIES INC | exh101.htm |
Exhibit
99.1
N E W
S R E L E A S E
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FOR IMMEDIATE
RELEASE
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Contact:
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Steven
E. Nielsen, President and CEO
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|
|
H.
Andrew DeFerrari, Senior Vice President and
CFO
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(561)
627-7171
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Palm
Beach Gardens, Florida June 7, 2010
DYCOM
INDUSTRIES, INC. CLOSES NEW $225 MILLION
FIVE-YEAR
REVOLVING CREDIT FACILITY
Palm
Beach Gardens, Florida, June 7, 2010 – Dycom Industries, Inc.
(NYSE: DY) announced that it has completed a new five-year $225 million
revolving credit facility that matures in June 2015. The new
revolving credit facility replaces the Company’s previous three-year $210
million revolving credit facility, which was scheduled to mature in September
2011.
The new
facility includes an accordion feature that allows the Company to increase the
aggregate amount available to up to $300 million with additional
commitments from lenders. Amounts borrowed under the facility will
accrue interest at a rate based on LIBOR plus a margin that ranges from 2.0% to
2.75% or at a Base Rate plus a margin that ranges from 1.0% to 1.75%, in either
instance based on the Company’s leverage. The facility is secured by
the equity interests of certain of the Company’s subsidiaries, including its
material domestic subsidiaries. There were no borrowings outstanding
under the existing facility at the time of signing and letters of credit
outstanding were transferred to the new facility.
Bank of
America, N.A. is the Administrative Agent, for the facility. Banc of
America Securities, LLC and Wells Fargo Securities, LLC acted as Joint Lead
Arrangers.
Dycom is
a leading provider of specialty contracting services throughout the United
States. These services include engineering, construction, maintenance
and installation services to telecommunications providers, underground facility
locating services to various utilities including telecommunications providers,
and other construction and maintenance services to electric and gas utilities
and others.