ENGlobal Finalizes Credit Facility With PNC
ENGlobal, a provider of energy-related project delivery solutions, announced that it has closed on a new three-year secured revolving credit facility with PNC Bank. The PNC facility allows the company to borrow up to $35 million pursuant to a borrowing base formula based primarily on the company’s eligible accounts receivable.
The PNC facility will be used to repay the outstanding indebtedness under ENGlobal’s former $35 million credit facility with Wells Fargo Bank and to provide ongoing working capital for ENGlobal and for other general corporate purposes. The new facility provides improved terms and greater flexibility when compared to the company’s former facility. ENGlobal’s existing letter of credit facility with Export-Import Bank of the United States remains in place to support the company’s Caspian Pipeline Consortium (CPC) project.
“We are very pleased to have closed this new credit facility with PNC,” ENGlobal’s president and CEO, Edward L. Pagano, said. “The PNC credit facility should expand our borrowing capacity and provide additional working capital for domestic and international growth. PNC has a strong understanding of our business and we look forward to a long and mutually rewarding business relationship.”
ENGlobal is a provider of engineering and related project services principally to the energy sector throughout the United States and internationally.
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