On January 15, 2020 (the “ Closing Date”), Primoris entered into the Second Amended and Restated Credit Agreement (the “ Credit Agreement”) with CIBC Bank USA, as administrative agent (the “ Administrative Agent”), collateral agent and co-lead arranger, The Bank of the West, as co-lead arranger, and the financial institutions party thereto (collectively, the “ Lenders”), amending and restating the existing credit agreement to increase the term loan facility by $400.0 million to an aggregate principal amount of $592.5 million (the “ New Term Loan”) and to extend the maturity date of the Credit Agreement from July 9, 2023 to January 15, 2026. In addition to the New Term Loan, the Credit Agreement consists of an existing $200.0 million revolving credit facility whereby the Lenders agreed to make loans on a revolving basis from time to time and to issue letters of credit for up to the $200.0 million committed amount. Under the Credit Agreement, Primoris must make quarterly principal payments on the term loans in an amount equal to approximately $7.4 million. The first principal payment will be due on March 31, 2021. The principal amount of all loans under the Credit Agreement will bear interest at either: (i) LIBOR plus an applicable margin as specified in the Credit Agreement (based on Primoris’ senior debt to EBITDA ratio as defined in the Credit Agreement), or (ii) the Base Rate (which is the greater of (a) the Federal Funds Rate plus 0.50% or (b) the prime rate as announced by the Administrative Agent). Quarterly non-use fees, letter of credit fees and administrative agent fees are payable at rates specified in the Credit Agreement. The principal amount of any loan drawn under the Credit Agreement may be prepaid in whole or in part at any time, with a minimum prepayment of $5.0 million. The Credit Agreement includes customary restrictive covenants for facilities of this type. As of the Closing Date, commercial letters of credit outstanding were $51.2 million and available borrowing capacity was $148.8 million. The proceeds from the New Term Loan were used to finance the acquisition of the Company and its subsidiaries and for general corporate purposes.