Willdan Group completed the refinancing of its credit facilities and entered into a three-year credit agreement with a syndicate of financial institutions as lenders and BMO as administrative agent. The credit agreement provides for a $100 million term loan and a $50 million revolving credit facility, each maturing on Sept. 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,” Tom Brisbin,  CEO and chairman of Wildan, said.

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.