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QUANTA SERVICES, INC.

(PWR)
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Quanta Services, Inc. Enters Ninth Amendment to Fourth Amended and Restated Credit Agreement

10/15/2021 | 05:03pm EST

On October 8, 2021, Quanta Services, Inc. entered into the Ninth Amendment to Fourth Amended and Restated Credit Agreement (the Amendment"), among the Company and certain of the Company's subsidiaries, as Borrowers, the Company, as Guarantor, the lenders party thereto, Bank of America, N.A., as Administrative Agent, and the Swing Line Lenders and L/C Issuers party thereto. The Amendment amended the Fourth Amended and Restated Credit Agreement, dated as of December 18, 2015 (as amended, including by the Eighth Amendment to Fourth Amended and Restated Credit Agreement, dated as of September 9, 2021, and the Amendment, the Amended Credit Agreement"). The Amendment, among other things, (i) provided for a new delayed draw term loan facility with total term loan commitments of $750.0 million for the purpose of financing, in whole or in part, the acquisition of Blattner (as defined below) pursuant to the Merger Agreement refinancing certain existing indebtedness of Blattner and paying certain related costs and expenses (the Delayed Draw Term Loan Facility"), (ii) increased the aggregate revolving commitments of the lenders from $2.510 billion to $2.640 billion and (iii) extended the maturity date for the revolving commitments under the Amended Credit Agreement from September 22, 2025 to October 8, 2026 (the Maturity Date"). The Delayed Draw Term Loan Facility also matures on the Maturity Date. The Amendment also increased the threshold amount for cross-defaults to certain debt instruments and for certain other purposes from $150.0 million to $300.0 million. After giving effect to the Amendment, the aggregate amount of the credit facilities provided for under the Amended Credit Agreement is $3.390 billion. On October 13, 2021, the Company borrowed the full amount of the Delayed Draw Term Loan Facility and $50.9 million in revolving loans under the Amended Credit Agreement and used all of such proceeds to partially finance the cash portion of the consideration for the acquisition of Blattner pursuant to the Merger Agreement.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2021 12 685 M - -
Net income 2021 486 M - -
Net Debt 2021 3 430 M - -
P/E ratio 2021 33,6x
Yield 2021 0,20%
Capitalization 16 047 M 16 047 M -
EV / Sales 2021 1,54x
EV / Sales 2022 1,20x
Nbr of Employees 35 800
Free-Float 83,7%
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Number of Analysts 15
Last Close Price 112,61 $
Average target price 133,93 $
Spread / Average Target 18,9%
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Managers and Directors
Earl C. Austin President, Chief Executive Officer, COO & Director
Derrick A. Jensen Chief Financial Officer
David M. McClanahan Chairman
Vincent D. Foster Independent Director
Bernard Fried Independent Director
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