MYR Group secures $690M credit line, term loans

Q: How does MYRG’s new revolving credit facility compare to its prior facility?

The new agreement includes a $690 million revolving credit facility, replacing a prior agreement that had a $490 million revolver. The expansion option also increased, from $200 million under the old facility to up to $445 million of additional commitments under the new agreement.

Q: What are the key borrowing terms and interest rates under MYRG’s new Credit Agreement?

Borrowings bear interest, at MYR Group’s option, at the Alternate Base Rate + 0.25%–1.00% or the Term Benchmark Rate + 1.25%–2.00%, with the applicable margin based on the company’s Net Leverage Ratio as defined in the Credit Agreement.

Q: What financial covenants apply to MYRG under the new Credit Agreement?

MYR Group is subject to a maximum Net Leverage Ratio of 3.0 and a minimum interest coverage ratio of 3.0, with interest coverage defined as Consolidated EBITDA divided by interest expense. Certain payments are restricted when the Net Leverage Ratio, on a pro forma basis, exceeds 2.75.

Q: How is MYRG’s new Credit Agreement secured and guaranteed?

Subject to exceptions, borrowings are secured by substantially all assets of MYR Group and its domestic subsidiaries and by a pledge of substantially all domestic subsidiary stock and 65% of the capital stock of direct foreign subsidiaries. Domestic subsidiaries also guarantee repayment under the Credit Agreement.

MYR Group Inc. refinanced its credit facilities with a larger five-year syndicated agreement, expanding revolving capacity and adding term loans in U.S. and Canadian dollars.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

MYR Group Inc. (MYRG) entered into a new five-year Fourth Amended and Restated Credit Agreement on September 8, 2026 with a bank syndicate led by JPMorgan Chase Bank, Bank of America, and Wells Fargo. The agreement provides a $690 million revolving credit facility and a term loan facility consisting of a $150 million U.S. dollar tranche and a C$70 million Canadian dollar tranche.

The revolving facility permits borrowing in Canadian dollars and other non-U.S. currencies up to the U.S. dollar equivalent of $200 million, includes up to $100 million of letters of credit and $25 million of swingline loans, and features an expansion option of up to $445 million. Borrowings are expected to be used to refinance existing indebtedness and for working capital, capital expenditures, acquisitions and other general corporate purposes. This agreement replaces a prior facility that included a $490 million revolver and a $200 million expansion option and is secured by substantially all of the company’s and its domestic subsidiaries’ assets, with related pledge and guaranty agreements and customary financial covenants, including a maximum Net Leverage Ratio of 3.0 and a minimum interest coverage ratio of 3.0.

Filing Explained

The entered facility sets leverage-linked borrowing and unused-capacity fees; the filing does not report a draw, and payment limits begin above a 2.75 ratio.

The September 8, 2026 agreement is entered, but this filing describes financing capacity and expected uses rather than reporting that any borrowing or proceeds were received.

Borrowing rates vary with the company’s Net Leverage Ratio: the stated margins are 0.25% to 1.00% over the Alternate Base Rate or 1.25% to 2.00% over the Term Benchmark Rate.

The unused portion of the revolving facility carries a leverage-linked commitment fee of 0.20% to 0.30%; letters of credit carry separate stated fees.

The agreement restricts certain payments when the pro forma Net Leverage Ratio exceeds 2.75, alongside the disclosed maximum leverage and minimum interest-coverage covenants.

If an event of default occurs and continues, amounts outstanding may be accelerated and become immediately due and payable under the agreement’s conditions.

The company says the complete credit agreement will be filed as an exhibit to its Form 10-Q for the quarter ending September 30, 2026.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revolving credit facility: $690 million U.S. Dollar term loan tranche: $150 million Canadian Dollar term loan tranche: C$70 million +5 more

8 metrics

Revolving credit facility $690 million Size of new revolving credit facility under the Fourth Amended and Restated Credit Agreement

U.S. Dollar term loan tranche $150 million Size of U.S. Dollar tranche in the new term loan facility

Canadian Dollar term loan tranche C$70 million Size of Canadian Dollar tranche in the new term loan facility

Multi-currency borrowing sublimit $200 million Maximum equivalent amount for Canadian dollars and other non-U.S. currencies under the revolver

Letter of credit capacity $100 million Maximum amount of letters of credit under the revolving facility

Swingline loan capacity $25 million Maximum amount of swingline loans under the revolving facility

Expansion option $445 million Potential increase in commitments under the revolver or incremental term loans, subject to conditions

Financial covenants Net Leverage Ratio ≤ 3.0; Interest coverage ≥ 3.0 Key leverage and coverage tests under the Credit Agreement

Key Terms

Revolving Facility, Term Facility, Net Leverage Ratio, interest coverage ratio, +2 more

6 terms

Revolving Facility financial

"The Credit Agreement provides for a revolving credit facility of $690 million"

A revolving facility is a bank loan that works like a company credit card: the borrower can draw funds, repay them, and draw again up to a set limit during the agreement period. It matters to investors because it provides short-term cash flexibility for operations, investments, or emergencies, and the cost or availability of that credit can affect a company’s liquidity, interest expenses, and financial stability.

Term Facility financial

"a term loan credit facility consisting of a U.S. Dollar tranche of $150 million"

A term facility is a loan that a borrower takes out for a fixed period with a set repayment schedule and usually a fixed or variable interest rate, similar to a mortgage with a set end date. Investors care because it changes a company’s debt timeline and cash commitments — knowing when principal must be repaid and how much interest will be paid helps assess financial risk, cash flow stability, and the need for future refinancing.

Net Leverage Ratio financial

"The applicable margin is determined based on the Company’s Net Leverage Ratio"

The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.

interest coverage ratio financial

"including a maximum Net Leverage Ratio of 3.0 and a minimum interest coverage ratio of 3.0"

A measure of how easily a company can pay the interest on its debt, calculated by comparing the earnings it generates from operations to the interest it owes. It matters to investors because a higher ratio means the company can comfortably meet interest payments — like having several paychecks set aside to cover your rent — while a low ratio signals greater risk of missed payments or financial strain.

swingline loans financial

"allows for up to $100 million of letters of credit and up to $25 million of swingline loans"

A swingline loan is a very short-term, on-demand loan that sits inside a larger credit facility to cover immediate cash needs like payroll, small bills, or last-minute payments. Think of it as an emergency overdraft from a lender: it’s quick to draw, repaid fast, and usually carries faster fees, so investors watch it as a signal of a company’s liquidity pressure and potential cost or covenant stress.

letters of credit financial

"Letters of credit issued under the Revolving Facility are subject to a letter of credit fee"

A letter of credit is a promise from a bank to pay a seller if the buyer fails to do so, commonly used in trade and large contracts to ensure payment. Think of it as a bank standing in for the buyer, like a certified check or payment insurance that reduces the risk of nonpayment. For investors, letters of credit matter because they affect a company’s cash flow, borrowing needs and contingent liabilities, and signal how much credit support a business requires to secure deals.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What new credit facilities did MYRG enter into on September 8, 2026?

MYR Group Inc. entered a five-year Fourth Amended and Restated Credit Agreement providing a $690 million revolving credit facility and a term loan facility with a $150 million U.S. dollar tranche and a C$70 million Canadian dollar tranche with a syndicate led by JPMorgan Chase Bank, Bank of America, and Wells Fargo.

How does MYRG’s new revolving credit facility compare to its prior facility?

The new agreement includes a $690 million revolving credit facility, replacing a prior agreement that had a $490 million revolver. The expansion option also increased, from $200 million under the old facility to up to $445 million of additional commitments under the new agreement.

What are the key borrowing terms and interest rates under MYRG’s new Credit Agreement?

Borrowings bear interest, at MYR Group’s option, at the Alternate Base Rate + 0.25%–1.00% or the Term Benchmark Rate + 1.25%–2.00%, with the applicable margin based on the company’s Net Leverage Ratio as defined in the Credit Agreement.

What additional features does MYRG’s revolving facility include?

The revolving facility allows borrowing in non-U.S. currencies up to the U.S. dollar equivalent of $200 million, up to $100 million in letters of credit, and up to $25 million in swingline loans. It also includes an expansion option of up to $445 million, subject to additional lender commitments.

What financial covenants apply to MYRG under the new Credit Agreement?

MYR Group is subject to a maximum Net Leverage Ratio of 3.0 and a minimum interest coverage ratio of 3.0, with interest coverage defined as Consolidated EBITDA divided by interest expense. Certain payments are restricted when the Net Leverage Ratio, on a pro forma basis, exceeds 2.75.

How is MYRG’s new Credit Agreement secured and guaranteed?

Subject to exceptions, borrowings are secured by substantially all assets of MYR Group and its domestic subsidiaries and by a pledge of substantially all domestic subsidiary stock and 65% of the capital stock of direct foreign subsidiaries. Domestic subsidiaries also guarantee repayment under the Credit Agreement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/10/2026 - 04:06 PM Accepted by SEC EDGAR 09/10/2026 - 04:06 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 10, 2026 (September 8, 2026)

MYR GROUP INC.

(Exact name of registrant as specified in its charter)


Delaware	1-08325	36-3158643
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

12121 Grant Street,

Suite 610

Thornton,

80241

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (303) 286-8000

None

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	MYRG	The Nasdaq Stock Market, LLC
		(Nasdaq Global Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

Item 1.01 Entry into a Material Definitive Agreement.

The information described below under “Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant” is hereby incorporated by reference into this Item 1.01.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On September 8, 2026, MYR Group Inc. (the “Company”) entered into a five-year Fourth Amended And Restated Credit Agreement (the “Credit Agreement”) with a syndicate of banks led by JPMorgan Chase Bank, N.A., Bank of America, N.A. and Wells Fargo Bank, National Association. The Credit Agreement provides for a revolving credit facility of $690 million (the “Revolving Facility”) and a term loan credit facility consisting of a U.S. Dollar tranche of $150 million and a Canadian Dollar tranche of C$70 million (the “Term Facility” and, together with the Revolving Facility, the “Facilities”). The Revolving Facility allows for revolving loans in Canadian dollars and other non-US currencies, up to the U.S. dollar equivalent of $200 million. The Revolving Facility also allows for up to $100 million of letters of credit and up to $25 million of swingline loans. The Company has an expansion option to increase the commitments under the Revolving Facility or enter into incremental term loans, subject to certain conditions, by up to an additional $445 million upon receipt of additional commitments from new or existing lenders. 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 Credit Agreement amends and restates the Company’s five-year amended and restated credit agreement, dated May 31, 2023, as amended, which included a $490 million revolving credit facility and a $200 million expansion option.

Amounts borrowed under the Credit Agreement bear interest, at the Company’s option, at a rate equal to either (1) the Alternate Base Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 0.25% to 1.00%; or (2) the Term Benchmark Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 1.25% to 2.00%. The applicable margin is determined based on the Company’s Net Leverage Ratio (as defined in the Credit Agreement). Letters of credit issued under the Revolving Facility are subject to a letter of credit fee of 1.25% to 2.00% for standby letters of credit or 0.625% to 1.00% for commercial letters of credit, in each case based on the Company’s Net Leverage Ratio. The Company will also be subject to a commitment fee of 0.20% to 0.30%, based on the Company’s Net Leverage Ratio, on any unused portion of the Revolving Facility. 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.

Subject to certain exceptions, borrowings under the Facilities are secured by substantially all of the assets of the Company and its domestic subsidiaries and by a pledge of substantially all of the capital stock of the Company’s domestic subsidiaries and 65% of the capital stock of the direct foreign subsidiaries of the Company. In addition, subject to certain exceptions, the Company’s domestic subsidiaries also guarantee the repayment of all amounts due under the Credit Agreement. In connection with these commitments under the Credit Agreement, the Company and certain of its subsidiaries entered into the Second Amended and Restated Pledge and Security Agreement and certain subsidiaries of the Company entered into the Second Amended and Restated Guaranty. The Credit Agreement also provides for customary events of default. If an event of default occurs and is continuing, on the terms and subject to the conditions set forth in the Credit Agreement, amounts outstanding under the Facilities may be accelerated and may become or be declared immediately due and payable.

Under the Credit Agreement, the Company is subject to certain financial covenants, including a maximum Net Leverage Ratio of 3.0 and a minimum interest coverage ratio of 3.0. The interest coverage ratio is defined in the Credit Agreement as Consolidated EBITDA (as defined in the Credit Agreement) divided by interest expense. The Credit Agreement also contains a number of covenants, including limitations on asset sales, investments, indebtedness and liens.

JPMorgan Chase Bank, N.A., BofA Securities, Inc. and Wells Fargo Bank, National Association, which acted as Joint Lead Arrangers and as Joint Bookrunners for the Credit Agreement, and certain of the lenders and their respective affiliates have from time to time provided financial services to the Company and its subsidiaries for which they have received customary fees.

The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the Credit Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2026.

-2-

Item 9.01 Financial Statements and Exhibits.

(d) The following exhibit is being furnished with this Current Report on Form 8-K.


104			Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

-3-

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	MYR GROUP INC.

Dated: September 10, 2026	By:	/s/ KELLY M. HUNTINGTON
		Name:	Kelly M. Huntington
		Title:	Senior Vice President and Chief Financial Officer

-4-

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

3 documents

MYR Group secures $690M credit line, term loans

Rhea-AI Filing Summary

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