Dycom borrows $650 million under $750 million revolver

Chicago, March 23 – Dycom Industries, Inc. reported that it has drawn $650 million on its revolving facility on March 18, according to an 8-K filing with the Securities and Exchange Commission.

The company borrowed that amount “as a protective measure to preserve financial flexibility in light of general economic and financial market uncertainty resulting from the Covid-19 outbreak,” according to the filing.

Proceeds were placed as cash deposits in the company’s bank accounts and therefore net debt is unchanged.

After the drawdown, $22.7 million of capacity remains on the facility.

Amounts borrowed may be prepaid at any time, in whole or in part, without penalty, subject to certain costs and upon notice to the administrative agent.

The revolver comes from the $750 million amended and restated credit agreement with Bank of America, NA as administrative agent, swingline lender and letter-of-credit issuer dated Oct. 19, 2018.

The loan has a maturity date of Oct. 19, 2023.

Dycom provides specialty contracting services and is based in Palm Beach Gardens, Fla.

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