PNC provided a $30 million revolving credit facility for Williams Industrial Services, while EIP, CION and CrowdOut Capital together provided a $35 million term loan and a $15 million delayed draw term loan. G2 Capital Advisors served as financial advisor on the debt refinancing.
Williams Industrial Services Group is a provider of construction, maintenance, project and support services to the energy, power and industrial end-markets.
“We are executing well on our strategic plan during a tumultuous year, expanding our core business while also growing and diversifying revenue through new customers and markets. We made significant progress in 2019 and 2020, evidenced by approximately $457.9 million in total backlog at Sept. 30, 2020, with approximately $166.7 million of backlog expected to convert to revenue in the next 12 months. We hired G2 to construct a flexible capital structure solution with the necessary funding needed to deliver on our growing backlog and the diversification and growth objectives of our strategic plan. G2 was instrumental in driving competitive terms, and coordinating and facilitating the process with the lenders through the closing of the transaction,” Randy Lay, CFO of Williams, said.
“We are proud to have partnered with the company through this important operational and financial inflection point. The company’s new lenders are highly supportive of the business strategy and are providing the flexible capital and liquidity needed to drive future growth,” Howard Lanser, head of capital markets at G2, said.
Under the terms of the new facilities, the revolver interest rate is LIBOR plus 2.25%, and the term loan facility interest rate is LIBOR plus 9%, stepping down to LIBOR plus 8.5% when the total leverage ratio is lower than 2.5x. The minimum LIBOR floor on both facilities is 1%. In addition, the loan facilities mature in December 2025, extending the maturity by three years in comparison to existing facilities.