Quanta Services Increases Capacity Under Credit Facility to $1.81 Billion

HOUSTON, Dec. 21, 2015 /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 JPMorgan Chase Bank, N.A., which increased the capacity under its senior secured revolving credit facility from $1.325 billion to $1.810 billion and extended the maturity date of the facility to Dec. 18, 2020. The amended credit facility contains more favorable terms and provides additional flexibility for borrowings in foreign currencies. Quanta also has the option to increase the revolving commitments available under the facility by up to $400 million, subject to certain conditions and receipt of additional lender commitments.

"We believe our financial strength and flexibility is a strategic advantage, so we opportunistically increased the size and extended the maturity date of our credit facility to capitalize on attractive pricing and terms," said Derrick Jensen, chief financial officer of Quanta Services. "We appreciate the support and confidence of the financial institutions involved in our credit facility. Along with our strong cash flow, the new facility provides Quanta greater financial flexibility to pursue large projects, acquisitions and other strategic opportunities as we execute our growth initiatives."

ABOUT QUANTA SERVICES
Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power and oil and gas industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy infrastructure. With operations throughout the United States, Canada and Australia and in select other 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 press 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 to Quanta by the amended and restated credit facility; expectations regarding future capital allocation initiatives and the strategic use of Quanta's balance sheet; potential projects, acquisitions or other strategic opportunities that may be available due to increased capacity under Quanta's amended and restated credit facility; and Quanta's business plans and strategies, 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 known and unknown risks and uncertainties that are difficult to predict or beyond Quanta's control, including, among others, market conditions; 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; the cost of borrowing, availability of credit and cash, 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; the impact of significant fluctuations in foreign currency exchange rates; and other risks and uncertainties detailed in Quanta's Annual Report on Form 10-K for the year ended Dec. 31, 2014, Quanta's Quarterly Reports on Form 10-Q for the quarters ended Mar. 31, 2015, June 30, 2015 and Sep. 30, 2015 and any other documents that Quanta files with the Securities and Exchange Commission (SEC). 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. 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. Quanta further expressly disclaims any written or oral statements made by any third party regarding the subject matter of this press release.

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SOURCE Quanta Services

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