Limbach Holdings, Inc. filed a Form 8-K on September 9, 2026, disclosing that its subsidiary Limbach Facility Services LLC entered into a new $300.0 million credit agreement with PNC Bank, National Association, replacing a prior facility with Wheaton Bank & Trust Company, N.A.

Key Highlights

  • Total facility size: The PNC Credit Agreement provides for a credit facility of up to $300.0 million in aggregate.
  • Facility components: The facility consists of a $200.0 million revolving credit facility, a $50.0 million term loan, and a $50.0 million delayed draw term loan.
  • Maturity date: The PNC Credit Agreement matures on September 9, 2031.
  • Prior facility terminated: The Wintrust Credit Agreement, which provided a $125.0 million revolving credit facility, was terminated on September 9, 2026, with approximately $118.1 million of principal repaid using PNC Credit Facility proceeds.
  • Incremental capacity: The company may request additional commitments of up to the greater of $150.0 million and 100% of Consolidated EBITDA, subject to conditions.
  • Financial covenants: The company must maintain a maximum Consolidated Net Leverage Ratio of 3.00 to 1.00 and a minimum Consolidated Fixed Charge Coverage Ratio of 1.15 to 1.00, each tested quarterly.
  • No termination penalties: According to the filing, no early termination penalties, prepayment fees, or other material fees were incurred in connection with the termination of the Wintrust Credit Agreement.

Limbach Replaces Wintrust Facility with Larger PNC Credit Agreement

According to the filing, Limbach Facility Services LLC, a wholly owned subsidiary of Limbach Holdings, Inc. (NASDAQ:LMB), along with Limbach Holdings LLC and certain other subsidiaries as guarantors, entered into the PNC Credit Agreement dated September 9, 2026, with PNC Bank, National Association serving as administrative agent, swingline lender, and issuing lender. The new facility replaces the company's prior credit arrangement with Wheaton Bank & Trust Company, N.A., a subsidiary of Wintrust Financial Corporation.

The PNC Credit Facility's $200.0 million revolving component includes a $20.0 million swingline loan subfacility and a $25.0 million letter of credit subfacility, the filing disclosed. Loans bear interest, at the company's election, at either the Base Rate plus a margin of 0.50% to 1.50% per annum, or the Term SOFR Rate plus a margin of 1.50% to 2.50% per annum. Swingline loans bear interest at Daily SOFR plus an applicable margin of 1.50% to 2.50% per annum. The applicable margin is determined by reference to the company's Consolidated Net Leverage Ratio. A commitment fee ranging from 0.20% to 0.35% per annum applies to the average daily unused portion of revolving and delayed draw term loan commitments.

The filing also disclosed that letters of credit with a face amount totaling approximately $7.0 million issued under the prior Wintrust Credit Agreement will remain outstanding until expiration, with the latest expiring in April 2027. The company is required to maintain cash collateral with Wheaton to support any reimbursement obligations under these existing letters of credit until they are replaced by letters of credit issued under the PNC Credit Agreement. The term loan and delayed draw term loan begin quarterly amortization on December 31, 2026, with remaining principal due at maturity.

What Was Disclosed

Limbach Holdings disclosed the entry into a new $300.0 million credit agreement with PNC Bank, the concurrent termination of its prior $125.0 million Wintrust revolving facility, repayment of approximately $118.1 million in prior principal, and the creation of a direct financial obligation under the new arrangement.