Willdan Group, Inc. (WLDN): debt financing — Willdan Group refinances with $150M credit facility, extends maturity to 2026

Willdan Group, Inc.

New $100M term loan and $50M revolving credit facility, each maturing Sept 2026.
Proceeds used to repay $97M outstanding under prior facility due June 2024; no penalty.
Credit agreement imposes financial covenants and limits dividends and share repurchases.
CEO Tom Brisbin states refinancing positions company for continued growth momentum.

item 1.01 item 1.02 item 2.03 item 3.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Willdan Group, Inc. incurred credit facility of $100.0 million term loan and $50.0 million revolving credit facility with BMO Bank, N.A. at Base Rate or adjusted SOFR plus an applicable margin ranging from 0.75% to 2.00% maturing September 29, 2026.

Instrument: credit facility
Principal: $100.0 million term loan and $50.0 million revolving credit facility
Counterparty: BMO Bank, N.A.
Rate: Base Rate or adjusted SOFR plus an applicable margin ranging from 0.75% to 2.00%
Maturity: September 29, 2026
Event: incurrence

Exact text from the filing

by and among the Company, the guarantors party thereto, BMO as administrative agent and lender and the lenders party thereto. The Credit Agreement provides for (i) a $100.0 million term loan (the “Term Loan”) and (ii) a $50.0 million revolving credit facility (the “Revolving Credit Facility”, and collectively with the Term Loan, the “Credit Facilities”),

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Willdan Group, Inc. entered into Credit Agreement with BMO Bank, N.A. as administrative agent valued at $100 million term loan and $50 million revolving credit facility (effective 2023-09-29).

Action: entry
Agreement: credit facility
Counterparty: BMO Bank, N.A. as administrative agent
Value: $100 million term loan and $50 million revolving credit facility
Effective: 2023-09-29

Exact text from the filing

On September 29, 2023 (the “Closing Date”), Willdan Group, Inc. (the “Company”) and certain of its subsidiaries entered into a credit agreement (the “Credit Agreement”) with a syndicate of financial institutions as lenders and BMO Bank, N.A. (“BMO”), as administrative agent.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Willdan Group, Inc. terminated Prior Credit Agreement with BMO Bank, N.A. valued at Amended and Restated Credit Agreement dated June 26, 2019 with $100.0 million secured term loan ($60 (effective 2023-09-29).

Action: termination
Agreement: credit facility
Counterparty: BMO Bank, N.A.
Value: Amended and Restated Credit Agreement dated June 26, 2019 with $100.0 million secured term loan ($60
Effective: 2023-09-29

Exact text from the filing

On September 29, 2023, using proceeds from the Term Loan, the Company repaid in full all of its outstanding obligations under the Prior Credit Agreement.

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Willdan Group, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-016247

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