Williams Industrial Services Group entered into a new, three-year, $15 million secured asset-based revolving credit facility at LIBOR plus 6%, with a minimum LIBOR rate of 1%.

According to a related 8-K filing, MidCap Financial Services was administrative agent and a lender on the transaction.

The facility provides borrowing availability against 85% of eligible accounts receivable and 80% of eligible costs and estimated earnings in excess of billings, after certain customary exclusions and reserves, and allows for up to $6 million of non-cash collateralized letters of credit.

Timothy M. Howsman, CFO of Williams, said, “Today marks the culmination of the four-part restructuring initiative that was a key component of the company’s overall 2018 plan. With the financial flexibility provided by this facility and our significantly reduced corporate cost structure, we are now able to more fully focus on both short- and long-term growth initiatives.”

The current eligible borrowing base supports $13.4 million of available borrowings under the facility. The origination fee for the facility was $225,000. The facility also provides for pre-payment fees, which will be payable only in the event the facility is terminated prior to the maturity date. The pre-payment fees, if any, will be 2.0% of the facility commitment in the first year, 1.5% in the second year and 1.0% in the first nine months of the third year.

Williams Industrial Services Group (formerly known as Global Power Equipment Group) provides a broad range of general and specialty construction, maintenance and modification, and plant management support services to the nuclear, hydro and fossil power generation, pulp and paper, refining, petrochemical and other process and manufacturing industries.