Williams Industrial Services Group, a general and specialty construction services company, entered into a new lending agreement with its primary lender to refinance the company’s previous $45 million senior secured credit agreement, dated June 16, 2017, which had a mandatory pre-payment date of April 1, 2020.

The new lending agreement is a $35 million senior secured term loan with a variable interest rate of LIBOR plus 10%, with a LIBOR floor of 2.5%. It has a maturity date of September 18, 2022. According to a related 8-K filing, Centre Lane Partners Master Credit Fund 11, an affiliate of Centre Lane Partners, served as administrative and collateral agent and as a lender, while BTC Holdings Fund I and BTC Holdings SC Fund acted as lenders.

Proceeds from the new term loan were used to repay $26.5 million in outstanding principal as of June 30, 2018, and the $4 million fee that was incurred on July 11, 2018, in connection with the fifth amendment to the prior loan agreement, plus accrued interest and other fees and expenses related to that agreement. Proceeds also covered the funding of an original issue discount and expenses for the new loan agreement. The combined total use of proceeds was $34 million.

Timothy M. Howsman, chief financial officer of Williams, said, “The refinancing of our term loan is a significant milestone in our multi-step liquidity and transformation program which began in earnest in mid-2016. The program has included several sequential steps, including the exit from our former products businesses.”

In addition, the U.S. District Court for the Northern District of Texas dismissed with prejudice the third amended complaint related to a putative shareholder class action against the company. In response to the ruling, the plaintiff has filed a notice of appeal.