Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

 v2.3.0.11
Subsequent Events
6 Months Ended
Jun. 30, 2011
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
11.   SUBSEQUENT EVENTS:
 
Credit Facility
 
On August 2, 2011, Quanta entered into an amended and restated credit agreement with various lenders that provides for a $700.0 million senior secured revolving credit facility maturing August 2, 2016. Interest rates and terms are generally consistent with the terms of the previous credit facility, except that certain fees will increase slightly to current market rates. The $700.0 million senior secured revolving credit facility also enables Quanta to borrow funds and provide letters of credit in foreign currencies, subject to certain multi-currency sublimits. In addition, the new facility provides increased flexibility with regard to certain covenants, including permitted liens, other indebtedness, permitted investments and restricted payments.
 
Acquisitions
 
On August 5, 2011, Quanta acquired McGregor Construction 2000 Ltd. and certain of its affiliated entities (McGregor), an electric power infrastructure services company based in Alberta, Canada. In connection with this acquisition, Quanta paid the former owners of McGregor approximately $38.5 million in cash and issued 898,440 shares of Quanta common stock valued at approximately $17.0 million. In connection with the acquisition, Quanta also repaid $0.8 million in McGregor debt at the closing of the acquisition. As this transaction was effective August 5, 2011, the results of McGregor will be included in the consolidated financial statements beginning on such date. This acquisition allows Quanta to further expand its capabilities and scope of services in Canada. McGregor’s financial results will generally be included in Quanta’s Electric Power Infrastructure Services segment.