Willdan Group, Inc. (NASDAQ: WLDN) announced today that it has completed an amendment of its existing credit facilities to expand the available borrowing capacity and extend the term of the agreement. The amended agreement increases potential borrowing from $150 million to $200 million and restructures the facilities to provide for a $100 million revolver, a $50 million term loan, and a $50 million delayed-draw term loan. The amended agreement extends the maturity date by five years to May 2030 and reduces the interest rate spread over the Secured Overnight Financing Rate (SOFR). A $75 million accordion feature remains in the agreement.
“This restructured credit facility gives us greater flexibility and control in managing our debt and leverage levels while providing additional capacity to support our investments in growth,” said Mike Bieber, Willdan’s CEO. “We thank our banking partners for their commitments and ongoing support.”
The five-member loan syndicate responsible for this amendment is led by BMO, as administrative agent, and includes joint lead arrangers Bank of America and JP Morgan.
