Quanta Services Increases Capacity Under Credit Facility to $1.325 Billion

  Quanta Services Increases Capacity Under Credit Facility to $1.325 Billion

PR Newswire

HOUSTON, Oct. 30, 2013

HOUSTON, Oct. 30, 2013 /PRNewswire/ --Quanta Services, Inc. (NYSE: PWR) today
announced that it has entered into an amended and restated credit agreement
with a syndicate of lenders led by Bank of America, N.A. and Wells Fargo,
N.A., increasing the capacity under the senior secured revolving credit
facility from $700 million to $1.325 billion and extending the maturity date
to Oct. 30, 2018. The amended credit facility offers more favorable terms and
rates as well as provides additional flexibility for borrowings in foreign
currencies. In addition, the amended credit facility contains an accordion
feature that permits Quanta to increase the amount available under the
facility by an additional $300 million to $1.625 billion.

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"We are pleased with the increase and extension of our credit facility and
appreciate the support and confidence of the financial institutions involved,"
said Derrick Jensen, chief financial officer of Quanta Services. "Along with
our strong cash flow, the amended credit facility provides Quanta greater
financial flexibility to pursue large projects, acquisitions and other
strategic opportunities as we execute on our growth initiatives. An important
additional feature is the ability to borrow in Canada and Australia, both key
international growth markets for Quanta."

ABOUT QUANTA SERVICES

Quanta Services is a leading specialized contracting services company,
delivering infrastructure solutions for the electric power and natural gas and
pipeline industries. Quanta's comprehensive services include designing,
installing, repairing and maintaining energy infrastructure. Additionally,
Quanta licenses point-to-point fiber optic telecommunications infrastructure
in certain markets and offers related design, procurement, construction and
maintenance services. With operations throughout North America and in certain
international markets, Quanta has the manpower, resources and expertise to
safely complete projects that are local, regional, national or international
in scope. For more information, visit www.quantaservices.com.

Forward Looking Statement

This press release (and oral statements regarding the subject matter of this
release) contains forward- looking statements intended to qualify for the
"safe harbor" from liability established by the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not limited
to, statements relating to the financial flexibility afforded by the credit
facility, projected revenues, earnings per share, margins, capital
expenditures, and other projections of operating or financial results;
expectations regarding the business outlook, growth or opportunities in
particular markets; the expected value of contracts or intended contracts with
customers; the scope, services, term and results of any projects awarded or
expected to be awarded for services to be provided by Quanta; the impact of
renewable energy initiatives, including mandated state renewable portfolio
standards, the economic stimulus package and other existing or potential
energy legislation; potential opportunities that may be indicated by bidding
activity or similar discussions with customers; the potential benefits from
acquisitions; the outcome of pending or threatened litigation; the business
plans or financial condition of our customers; Quanta's plans and strategies;
and the current economic and regulatory conditions and trends in the
industries Quanta serves, as well as statements reflecting expectations,
intentions, assumptions or beliefs about future events, and other statements
that do not relate strictly to historical or current facts. Although Quanta's
management believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations
will prove to be correct. These statements can be affected by inaccurate
assumptions and by a variety of risks and uncertainties that are difficult to
predict or beyond our control, including, among others, the effects of
industry, economic or political conditions outside of the control of Quanta;
quarterly variations in operating results; adverse economic and financial
conditions, including weakness in the capital markets; trends and growth
opportunities in relevant markets; delays, reductions in scope or
cancellations of anticipated, pending or existing projects, including as a
result of weather, regulatory or environmental processes, project performance
issues, or our customers' capital constraints; the successful negotiation,
execution, performance and completion of anticipated, pending and existing
contracts, including the ability to obtain awards of projects on which we bid
or are otherwise discussing with customers; the ability to attract skilled
labor and retain key personnel and qualified employees; potential shortage of
skilled employees; dependence on fixed price contracts and the potential to
incur losses with respect to these contracts; estimates relating to the use of
percentage-of-completion accounting; adverse impacts from weather; the ability
to generate internal growth; competition in Quanta's business, including the
ability to effectively compete for new projects and market share; potential
failure of renewable energy initiatives, the economic stimulus package or
other existing or potential legislative actions to result in increased demand
for Quanta's services; liabilities associated with multi-employer pension
plans, including underfunding of liabilities and termination or withdrawal
liabilities; the possibility of increases in the liability associated with
Quanta's withdrawal from a multi-employer pension plan; liabilities for claims
that are self-insured or not insured; unexpected costs or liabilities that may
arise from lawsuits or indemnity claims asserted against Quanta; risks
relating to the potential unavailability or cancellation of third party
insurance, the exclusion of coverage for certain losses, and potential
increases in premiums for coverage deemed beneficial to Quanta; cancellation
provisions within contracts and the risk that contracts expire and are not
renewed or are replaced on less favorable terms; loss of customers with whom
Quanta has long-standing or significant relationships; the potential that
participation in joint ventures exposes us to liability and/or harm to our
reputation for acts or omissions by our partners; our inability or failure to
comply with the terms of our contracts, which may result in unexcused delays,
warranty claims, failure to meet performance guarantees, damages or contract
terminations; the effect of natural gas, natural gas liquids and oil prices on
Quanta's operations and growth opportunities; the future development of
natural resources in shale areas; the inability of customers to pay for
services; the failure to recover on payment claims against project owners or
to obtain adequate compensation for customer-requested change orders; the
failure of our customers to comply with regulatory requirements applicable to
their projects, including those related to awards of stimulus funds, which may
result in project delays and cancellations; budgetary or other constraints
that may reduce or eliminate tax incentives for or government funding of
projects, including stimulus projects, which may result in project delays or
cancellations; estimates and assumptions in determining financial results and
backlog; the ability to realize backlog; risks associated with operating in
international markets, including instability of foreign governments, currency
fluctuations, tax and investment strategies and compliance with the laws of
foreign jurisdictions as well as the U.S. Foreign Corrupt Practices Act and
other applicable anti-bribery and anti-corruption laws; the ability to
successfully identify, complete, integrate and realize synergies from
acquisitions; the potential adverse impact resulting from uncertainty
surrounding acquisitions, including the ability to retain key personnel from
the acquired businesses and the potential increase in risks already existing
in Quanta's operations; the adverse impact of impairments of goodwill and
other intangible asset or investments; growth outpacing our decentralized
management and infrastructure; requirements relating to governmental
regulation and changes thereto; inability to enforce our intellectual property
rights or the obsolescence of such rights; risks related to the implementation
of an information technology solution; the impact of a unionized workforce on
operations, including labor stoppages or interruptions due to strikes or
lockouts; potential liabilities relating to occupational health and safety
matters; our dependence on suppliers, subcontractors and equipment
manufacturers; risks associated with Quanta's fiber optic licensing business,
including regulatory and tax changes and the potential inability to realize a
return on capital investments; beliefs and assumptions about the
collectability of receivables; the cost of borrowing, availability of credit,
fluctuations in the price and volume of Quanta's common stock, debt covenant
compliance, interest rate fluctuations and other factors affecting financing
and investing activities; the ability to access sufficient funding to finance
desired growth and operations; the ability to obtain performance bonds;
potential exposure to environmental liabilities; the ability to continue to
meet the requirements of the Sarbanes-Oxley Act of 2002; rapid technological
and structural changes that could reduce the demand for services; the impact
of increased healthcare costs arising from healthcare reform legislation, and
other risks and uncertainties detailed in Quanta's Annual Report on Form 10-K
for the year ended Dec. 31, 2012 and Quanta's Quarterly Report on Form 10-Q
for the quarters ended Mar. 31, 2013 and June 30, 2013 and any other documents
that Quanta files with the Securities and Exchange Commission (SEC). Should
one or more of these risks materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those expressed or implied
in any forward-looking statements. Investors are cautioned not to place undue
reliance on these forward-looking statements, which are current only as of
this date. Quanta does not undertake and expressly disclaims any obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. For a discussion of these risks,
uncertainties and assumptions, investors are urged to refer to Quanta's
documents filed with the SEC that are available through the company's website
at www.quantaservices.com or through the SEC's Electronic Data Gathering and
Analysis Retrieval System (EDGAR) at www.sec.gov.

Contacts:
Investors - Kip Rupp, CFA Media – Deborah Buks and Molly LeCronier
Quanta Services, Inc.     Ward Creative Communications
713-629-7600              713-869-0707

SOURCE Quanta Services

Website: http://www.quantaservices.com
 
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