MYR Group Inc. filed an 8-K on September 10, 2026, disclosing that on September 8, 2026, the company entered into a five-year Fourth Amended And Restated Credit Agreement with a bank syndicate led by JPMorgan Chase Bank, N.A., Bank of America, N.A., and Wells Fargo Bank, National Association.

Key Highlights

  • Revolving Facility: The Credit Agreement provides for a revolving credit facility of $690 million, up from the prior $490 million revolving credit facility dated May 31, 2023.
  • Term Facility: The agreement includes a U.S. Dollar term loan tranche of $150 million and a Canadian Dollar tranche of C$70 million.
  • Expansion Option: The company has the option to increase commitments or enter into incremental term loans by up to an additional $445 million, subject to certain conditions and receipt of additional lender commitments.
  • Interest Rate Terms: Borrowings bear interest at either the Alternate Base Rate plus 0.25% to 1.00%, or the Term Benchmark Rate plus 1.25% to 2.00%, based on the company's Net Leverage Ratio.
  • Financial Covenants: The company is subject to a maximum Net Leverage Ratio of 3.0 and a minimum interest coverage ratio of 3.0.
  • Collateral: Borrowings are secured by substantially all assets of the company and its domestic subsidiaries, plus a pledge of substantially all capital stock of domestic subsidiaries and 65% of capital stock of direct foreign subsidiaries.

MYR Group Replaces Prior Credit Facility with Expanded Five-Year Agreement

According to the filing, MYR Group Inc. (NASDAQ:MYRG) entered into the Credit Agreement on September 8, 2026, replacing its previous five-year amended and restated credit agreement dated May 31, 2023. The prior agreement included a $490 million revolving credit facility and a $200 million expansion option. The new Revolving Facility allows for revolving loans in Canadian dollars and other non-U.S. currencies up to the U.S. dollar equivalent of $200 million, letters of credit up to $100 million, and swingline loans up to $25 million, the filing disclosed.

The company reported that borrowings under the Credit Agreement are expected to be used to refinance existing indebtedness and for working capital, capital expenditures, acquisitions, and other general corporate purposes. The applicable interest margin and commitment fee, which ranges from 0.20% to 0.30% on any unused portion of the Revolving Facility, are each determined based on the company's Net Leverage Ratio, according to the filing. Standby letters of credit are subject to a fee of 1.25% to 2.00%, while commercial letters of credit carry a fee of 0.625% to 1.00%, also based on the Net Leverage Ratio.

The filing further disclosed that the Credit Agreement restricts certain types of payments when the company's Net Leverage Ratio, after giving pro forma effect to those payments, exceeds 2.75. The agreement also contains limitations on asset sales, investments, indebtedness, and liens, and provides for customary events of default. If an event of default occurs and is continuing, amounts outstanding under the Facilities may be accelerated and may become or be declared immediately due and payable, the filing stated. The company noted that the full Credit Agreement will be filed as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending September 30, 2026.

What Was Disclosed

MYR Group disclosed entry into a five-year, $690 million revolving credit facility and a term loan facility totaling $150 million in U.S. dollars and C$70 million, with an expansion option of up to $445 million, replacing its prior 2023 credit agreement.