Willdan Group Completes Refinancing
October 05 2023 - 8:00AM
Business Wire
Willdan Group, Inc. (NASDAQ: WLDN) today announced that on
September 29, 2023, the Company completed the refinancing of its
credit facilities and entered into a new three-year credit
agreement (the “Credit Agreement”) with a syndicate of financial
institutions as lenders and BMO Bank, N.A. (“BMO”) as
administrative agent. The Credit Agreement provides for (i) a $100
million term loan and (ii) a $50 million revolving credit facility,
each maturing on September 29, 2026. The Credit Agreement replaces
the Company’s Amended and Restated Credit Agreement dated June 26,
2019.
"Replacing our prior credit facility reinforces our belief in
Willdan’s strength, and it positions us to continue our momentum of
growth that started during the fourth quarter of 2022,” said Tom
Brisbin, Willdan’s CEO and Chairman.
The Company used the proceeds from the Credit Agreement’s term
loan to repay and terminate the prior credit agreement, which was
scheduled to mature on June 26, 2024, as well as to fund certain
fees and expenses associated with the Credit Agreement. The Company
also intends to use the Credit Agreement to provide working
capital, finance capital expenditures and acquisitions, and other
general corporate purposes.
About Willdan
Willdan is a nationwide provider of professional, technical, and
consulting services to utilities, government agencies, and private
industry. Willdan’s service offerings span a broad set of
complementary disciplines that include electric grid solutions,
energy efficiency and sustainability, engineering and planning, and
municipal financial consulting. For additional information, visit
Willdan's website at www.willdan.com.
Forward-Looking Statements
Statements in this press release that are not purely historical
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. It is important to note
that Willdan’s actual results could differ materially from those in
any such forward-looking statements. Factors that could cause
actual results to differ materially include, but are not limited
to, the risk factors listed from time to time in Willdan’s reports
filed with the Securities and Exchange Commission, including, but
not limited to, the Annual Report on Form 10-K filed for the year
ended December 30, 2022. Willdan cautions investors not to place
undue reliance on the forward-looking statements contained in this
press release. Willdan disclaims any obligation to, and does not
undertake to, update or revise any forward-looking statements in
this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231005128281/en/
Al Kaschalk VP Investor Relations 310-922-5643
akaschalk@willdan.com
Willdan (NASDAQ:WLDN)
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