<SEC-DOCUMENT>0000105634-16-000440.txt : 20160803
<SEC-HEADER>0000105634-16-000440.hdr.sgml : 20160803
<ACCEPTANCE-DATETIME>20160803162811
ACCESSION NUMBER:		0000105634-16-000440
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160803
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160803
DATE AS OF CHANGE:		20160803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMCOR GROUP INC
		CENTRAL INDEX KEY:			0000105634
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL WORK [1731]
		IRS NUMBER:				112125338
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08267
		FILM NUMBER:		161804258

	BUSINESS ADDRESS:	
		STREET 1:		301 MERRITT SEVEN CORPORATE PK
		STREET 2:		6TH FLOOR
		CITY:			NORWALK
		STATE:			CT
		ZIP:			06851
		BUSINESS PHONE:		203-849-7800

	MAIL ADDRESS:	
		STREET 1:		301 MERRITT SEVEN CORPORATE PARK
		STREET 2:		6TH FLOOR
		CITY:			NORWALK
		STATE:			CT
		ZIP:			06851

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JWP INC/DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAMAICA WATER PROPERTIES INC
		DATE OF NAME CHANGE:	19860518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WELSBACH CORP
		DATE OF NAME CHANGE:	19761119
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a080316_8k.htm
<DESCRIPTION>FORM 8-K -- CREDIT AGREEMENT 2016
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Item 1.01 Entry into a Material Definitive Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; DISPLAY: block; TEXT-INDENT: 0pt">
<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On August 3, 2016, EMCOR Group, Inc. (the &#8220;Company&#8221;) and EMCOR Group (UK) plc, a wholly-owned subsidiary of the Company (&#8220;EMCOR UK&#8221;), entered into a Fifth Amended and Restated Credit Agreement (the &#8220;Credit Agreement&#8221;) dated as of August 3, 2016 with Bank of Montreal, as Agent, and certain other lenders listed on the signature pages thereof (collectively, the &#8220;Lenders&#8221;).&#160;&#160;The Credit Agreement amends and restates a Fourth Amended and Restated Credit Agreement dated as of November 25, 2013 (the &#8220;Former Credit Agreement&#8221;), among the Company and EMCOR UK, Bank of Montreal, as Agent, and the lenders listed on the signature pages thereto.&#160;&#160;The Former Credit Agreement was filed as Exhibit 4(a) to the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2013 filed on February 25, 2014.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Credit Agreement provides (a) for a revolving credit facility under which the Company may borrow up to $900,000,000 and (b) for a term loan to the Company in the amount of $400,000,000.&#160;&#160;EMCOR UK may borrow under the revolving credit facility a portion of the $900,000,000 directly from the Lenders, as provided in the Credit Agreement. If the Company so desires it may identify one or more additional lenders (which may include existing Lenders) willing to participate, or increase their participation, in the revolving credit facility, and thereby increase the Company&#8217;s maximum borrowings under the revolving credit facility by up to an additional $400,000,000, provided that such additional lender is acceptable, in their reasonable discretion, to Bank of Montreal and each Lender which has outstanding, at the time of the increased commitment, a letter of credit issued by it pursuant to the Credit Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Credit Agreement contains financial covenants, representations and warranties and events of default and has a five-year term.&#160;&#160;The Credit Agreement is secured by substantially all of the assets of the Company and substantially all of the assets of substantially all of its subsidiaries pursuant to the terms of a Fifth Amended and Restated Security Agreement dated as of August 3, 2016 among the Company, substantially all of its U.S. subsidiaries, and Bank of Montreal, as Agent, (the &#8220;Security Agreement&#8221;), and pursuant to the terms of a Fifth Amended and Restated Pledge Agreement dated as of August 3, 2016 among the Company, substantially all of its U.S. subsidiaries, and Bank of Montreal, as Agent, (the &#8220;Pledge Agreement&#8221;).&#160;&#160;The Company&#8217;s obligations under the Credit Agreement are guaranteed by substantially all of its subsidiaries pursuant to the terms of a Fourth Amended and Restated Guaranty Agreement dated as of August 3, 2016, (the &#8220;Guaranty Agreement&#8221;).</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">All outstanding borrowings under the Credit Agreement are due upon expiration of the Credit Agreement on August 3, 2021.&#160;&#160;In addition commencing December 31, 2016, the Company is required to make quarterly installments of principal with respect to the term loan each in the amount of $5,000,000.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Borrowings bear interest, at the Company&#8217;s option at a margin above LIBOR or the Base Rate, in each case based upon the Company&#8217;s leverage ratio (as defined in the Credit Agreement). For LIBOR based borrowings, interest rates will range from 1.0% to 1.75% above LIBOR.&#160;&#160;&#160;For Base Rate borrowings, interest rates will range between 0.0% and .75% above the Base Rate.&#160;&#160;The Base Rate is determined by the greater of (a) the prime commercial lending rate announced by Bank of Montreal from time to time, (b) the federal funds effective rate, plus &#189; of 1%, (c) the daily one month LIBOR rate, plus 1.0%, or (d) 0.0%.&#160;&#160;The interest rate on the borrowings in effect on August 3, 2016 was 3.75%.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Certain of the Lenders and other parties to the Credit Agreement or their affiliates have provided and in the future may provide, commercial banking, underwriting, lending, investment banking and financial advisory services in the ordinary course of business for the Company, its subsidiaries and certain of its affiliates, for which such Lenders, other parties and/or their affiliates may receive customary fees and commissions.</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><br>
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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The foregoing description is only a summary of certain provisions of the Credit Agreement, the Security Agreement, the Pledge Agreement and the Guaranty Agreement, and&#160;is qualified in&#160;its entirety by the terms, as applicable,&#160;of each of the foregoing agreements, a copy of each of which will be filed as exhibits to the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">A copy of the press release is filed herewith as Exhibit 99.1.</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Item 1.02<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font>Termination of a Material Definitive Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">As described above in Item 1.01, the Former Credit Agreement is amended and restated in its entirety by the Credit Agreement.&#160;&#160;The information provided in Item 1.01 of this Current Report on Form 8-K and Item 1.01 of the Company&#8217;s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 26, 2013 are incorporated by reference into this Item 1.02.</font></div>

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<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(d) Exhibits</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">NORWALK, CONNECTICUT, August 3, 2016 - EMCOR Group, Inc. (NYSE: EME), a Fortune 500<font style="DISPLAY: inline" face="Symbol, serif">&#226;</font> leader in mechanical and electrical construction, industrial energy infrastructure, and facilities services for a diverse range of businesses, today announced that it had entered into a $1.3 billion credit agreement with a syndicate of banks led by Bank of Montreal, as Agent, and BMO Capital Markets Corp., Bank of America Merrill Lynch, J.P. Morgan Chase Bank, N.A., U.S. Bank National Association, and Citizen&#8217;s Bank, N.A. as joint lead arrangers and joint book runners.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-STYLE: italic; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>This release may contain certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995.&#160;&#160;Any such comments are based upon information available to EMCOR management and its perception thereof, as of this date, and EMCOR assumes no obligation to update any such forward-looking statements.&#160;&#160;These forward-looking statements may include statements regarding market opportunities, market share growth, gross profit, backlog mix, projects with varying profit margins, and selling, general and administrative expenses.&#160;&#160;These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.&#160;&#160;Accordingly these statements are no guarantee of future performance.&#160;&#160;Such risk and uncertainties include, but are not limited to, adverse effects of general economic conditions, changes in the political environment, changes in the specific markets for EMCOR&#8217;s services, adverse business conditions, availability of adequate levels of surety bonding, increased competition, unfavorable labor productivity and mix of business.&#160;&#160;Certain of the risks and factors associated with EMCOR's business are also discussed in the Company's 2015 Form 10-K and in other reports filed from time to time with the Securities and Exchange Commission. All these risks and factors should be taken into account in evaluating any forward-looking statements.</font></div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
