ENG - ENGlobal pays off Pacific Western credit facility

2023-06-20 07:39:44 ET

• ENGlobal ( NASDAQ: ENG ) has repaid its credit facility with Pacific Western Business Finance in full and entered into a new credit agreement with Alliance 2000, the family limited partnership of ENGlobal executive chairman William A. Coskey, P.E.
• The new term loan facility provides for an initial term loan of $1M and, under certain conditions, an additional term loan of $250K.
• The loan carries an annual interest rate of 8.5% and has an origination fee of 0.5%, payable upon maturity.
• The company expects to post a net loss in Q2, monthly results have improved consistently over the past three months.
• As of May 31, 2023 the company's enterprise-wide backlog was over $16M.
• Stock price down 2.3% during pre-market hours.

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