Willdan Announces Expanded Credit Facility
January 23 2017 - 7:48PM
Business Wire
Willdan Group, Inc. (NASDAQ: WLDN), a provider of professional
technical and consulting services, today announced that it has
entered into an Amended and Restated Credit Agreement (the “Credit
Agreement”) with BMO Harris Bank, N.A. that expands the Company’s
available borrowing capacity. The new Credit Agreement consists of
a $35.0 million, three-year revolving line of credit. Subject to
satisfying certain conditions described in the Credit Agreement,
the Company may request that BMO increase the aggregate amount
under the revolving line of credit by up to $25.0 million, for a
total facility size of $60.0 million, although BMO is not obligated
to do so.
“We thank BMO Harris Bank for their support over the last three
years, and their willingness to support our vision,” said Tom
Brisbin, Willdan’s Chairman and CEO. “The access to additional
financing will enhance our ability to continue executing on our
growth strategy, which has created significant value for our
shareholders.”
About Willdan
Willdan provides professional consulting and technical services
to utilities, public agencies and private industry throughout the
United States. Willdan's service offerings span a broad set of
complementary disciplines that include energy efficiency and
sustainability, engineering and planning, financial and economic
consulting, and national preparedness. Willdan provides integrated
technical solutions to extend the reach and resources of its
clients, and provides all services through its subsidiaries
specialized in each segment. For additional information, visit
Willdan's website at www.willdan.com.
Forward-Looking Statements
Statements in this press release that are not purely historical,
including statements regarding Willdan's intentions, hopes,
beliefs, expectations, representations, projections, estimates,
plans or predictions of the future are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The forward-looking statements involve risks and
uncertainties including, but not limited to, the risk that Willdan
will not be able to continue the growth it has experienced in
recent years. It is important to note that Willdan's actual results
could differ materially from those in any such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, a slowdown in the local
and regional economies of the states where Willdan conducts
business and the loss of or inability to hire additional qualified
professionals. Willdan's business could be affected by a number of
other factors, including the risk factors listed from time to time
in Willdan's SEC reports including, but not limited to, the Annual
Report on Form 10-K filed for the year ended January 1, 2016.
Willdan cautions investors not to place undue reliance on the
forward-looking statements contained in this press release. Willdan
disclaims any obligation to, and does not undertake to, update or
revise any forward-looking statements in this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170123006190/en/
Willdan Group, Inc.Stacy McLaughlin, 714-940-6300Chief
Financial
Officersmclaughlin@willdan.comorInvestors/MediaFinancial
Profiles, Inc.Tony Rossi, 310-622-8221trossi@finprofiles.com
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