Emcor Group Inc. announced today a U.S-Canadian loan syndicate issued it a $550 million replacement line of credit, funds the Norwalk mechanical-electrical contracting giant will use partly on new equipment and acquisitions.
The new two-year credit line replaces Emcor’s existing $375 million credit facility that was to expire in October, the company said.
The syndicate is led by Bank of Montreal’s BMO Capital Markets unit, Bank of America Merrill Lynch, and U.S. Bank.
Emcor said some of the credit line, secured by nearly all the assets of Emcor and its subsidiaries, also will be used repay debt and as working capital.
