Limbach Holdings Enters $300M Credit Facility with PNC Bank

What Happened Limbach Holdings, Inc. (LMB) announced on September 9, 2026 that its subsidiaries entered into a Credit Agreement with PNC Bank, National Association (the “PNC Credit Agreement”) providing up to $300.0 million of financing and maturing on September 9, 2031. The new facility replaces the company’s previous credit arrangement with Wheaton Bank & Trust Company and is guaranteed by certain Limbach subsidiaries and secured by substantially all of the company’s assets. The full credit agreement is filed as Exhibit 10.1 to the 8‑K.

Key Details

• Total facility: up to $300.0 million, composed of:
  • $200.0 million revolving credit (includes $20.0M swingline and $25.0M letter-of-credit subfacility)
  • $50.0 million term loan
  • $50.0 million delayed draw term loan
• Maturity: September 9, 2031; term and delayed draw loans begin amortizing quarterly starting Dec 31, 2026.
• Pricing & fees: interest at borrower’s election of Base Rate + 0.50%–1.50% or Term SOFR + 1.50%–2.50% (swingline at Daily SOFR + 1.50%–2.50%); commitment fee 0.20%–0.35% on unused revolver/delayed draw commitments. Margins vary by Consolidated Net Leverage Ratio.
• Financial covenants: maximum Consolidated Net Leverage Ratio of 3.00x (can increase to 3.50x for up to four quarters for certain acquisitions) and minimum Consolidated Fixed Charge Coverage Ratio of 1.15x; tested quarterly on a trailing four-quarter basis.
• Incremental capacity: Company may request additional commitments up to the greater of $150.0M and 100% of Consolidated EBITDA, subject to lender commitments and conditions.

Why It Matters This new five-year credit facility improves Limbach’s liquidity and financing flexibility by providing a larger committed revolver and multiple term loan options, while extending the debt maturity profile to 2031. Investors should note the added borrowing capacity comes with customary secured guarantees and affirmative/negative covenants that impose leverage and coverage limits (3.00x net leverage and 1.15x fixed charge coverage), which can affect capital allocation and dividend/payout decisions. The full agreement is filed as an exhibit for investors who want the complete contractual terms.