Orion Group closes $103M credit facility and $13M equipment sale-leaseback

Orion Group Holdings Inc

New $103M senior secured facility includes $65M revolver (SOFR+5.5%) and $38M term loan (SOFR+8%, 4% floor).
Initial $9.5M revolver draw; proceeds to refinance existing debt and for general corporate/working capital.
Also closed $13M sale-leaseback of concrete equipment with Gordon Brothers on 24- and 36-month schedules.
Facility replaces prior $42.5M revolver with Regions Bank, significantly increasing liquidity.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Orion Group Holdings Inc entered into senior secured credit facility with White Oak ABL, LLC and White Oak Commercial Finance, LLC valued at $103.0 million (effective 2023-05-15).

Action: entry
Agreement: credit facility
Counterparty: White Oak ABL, LLC and White Oak Commercial Finance, LLC
Value: $103.0 million
Effective: 2023-05-15

Exact text from the filing

On May 15, 2023, Orion Group Holdings, Inc. (the “Company”) entered into a new three-year $103.0 million senior secured credit facility with White Oak ABL, LLC and White Oak Commercial Finance, LLC

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Orion Group Holdings Inc filing history →

Source: SEC EDGAR

accession 0001402829-23-000032

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