Limbach Holdings, Inc. has entered into a new credit agreement with PNC Bank, National Association, replacing its previous facility with Wheaton Bank & Trust Company, N.A. The new agreement, dated September 9, 2026, provides the company with an aggregate credit facility of up to $300.0 million.
The facility consists of three components: a $200.0 million revolving credit facility, a $50.0 million term loan facility, and a $50.0 million delayed draw term loan facility. The revolving portion includes a $20.0 million swingline loan subfacility and a $25.0 million letter of credit subfacility. The term loans and delayed draw term loans are set to amortize in quarterly principal installments beginning December 31, 2026, with the remaining principal due at maturity on September 9, 2031.
Interest rates under the agreement are determined by the company's election, based on either the Base Rate plus a margin ranging from 0.50% to 1.50% per annum, or the Term SOFR Rate plus a margin ranging from 1.50% to 2.50% per annum. Swingline loans bear interest at Daily SOFR plus a margin ranging from 1.50% to 2.50% per annum. The company is also required to pay a commitment fee on the average daily unused portion of the revolving and delayed draw commitments.
The agreement includes standard financial covenants, requiring the company to 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. The maximum leverage ratio may be increased to 3.50 to 1.00 for a four-quarter period in connection with qualifying acquisitions.
In connection with the new agreement, the company terminated its existing credit facilities with Wheaton Bank & Trust Company, N.A. The company repaid approximately $118.1 million of principal indebtedness under the previous agreement using proceeds from the new facility. The termination of the Wintrust Credit Agreement did not incur any early termination penalties or material fees.
A number of letters of credit totaling approximately $7.0 million issued under the previous agreement will remain outstanding until their expiration, with the latest expected to expire in April 2027. Until these letters are replaced by those issued under the PNC agreement, the company is required to maintain cash collateral with Wheaton Bank to support reimbursement obligations.
