Regions Bank Provides ENGlobal Revolver
ENGlobal announced it closed on a new, three-year secured revolving credit facility with Regions Bank. The facility allows the company to borrow up to $10 million pursuant to a borrowing base formula based primarily on the company’s eligible A/R.
It will be used to provide ongoing working capital for ENGlobal and for other general corporate purposes. The new facility will replace the company’s former facility with PNC Bank, which was undrawn at the time of closing.
“We are very pleased to have closed this new credit facility with Regions,” ENGlobal’s CFO, Mark Hess, said. “The Regions credit facility will maintain our borrowing capacity and liquidity, thereby providing working capital for growth. Regions 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 automation services primarily to the energy sector throughout the U.S. and internationally.