Williams Industrial Services Group Inc., a construction and maintenance services company, today announced that it has entered into new credit agreements, including a $50.0 million term loan facility with Energy Impact Credit Fund, an affiliate of Energy Impact Partners, as Agent to the Term Loan, CION Investment Corporation, and CrowdOut Capital, which consists of a $35.0 million initial term loan and a $15.0 million delayed draw facility, and a $30.0 million revolving credit facility (the “Revolver”) with PNC Bank, which together replaced its previous facilities.

“As promised, the Company has successfully completed the refinancing of its debt, with terms that reflect our improving operating performance and strong outlook,” said Tracy Pagliara, President and CEO of Williams. “This is another important step in Williams’ long journey to be recognized as a successfully restructured organization and a giant leap forward to a brighter future. The new Credit Facilities provide for a total of up to $80.0 million of availability to fund the Company’s many dynamic growth opportunities and are expected to drive over $1.5 million of interest expense reductions next year, given the lower rates. After paying off existing debt, we now have total indebtedness of $44.0 million. In keeping with our long-term goal of using operating cash flow to strengthen the balance sheet, the Company plans to continue to pay down debt and de-lever. I’d like to thank Randy Lay, our Senior Vice President and CFO, and the entire Williams finance team for getting this done in the middle of a pandemic, while the Company concurrently improved bottom line results and returns for our shareholders. We also appreciate the support shown by these new institutions in advancing the capital for the next phase of our progressive strategic plan.”

Under the terms of the Credit Facilities, the Revolver’s interest rate is LIBOR plus 2.25%, with a minimum LIBOR floor of 1.0%. The Term Loan’s interest rate is LIBOR plus 9.0%, with a minimum LIBOR floor of 1.0%, and a stepdown to LIBOR plus 8.5% on achieving a total leverage ratio, as defined in the Term Loan, of less than 2.50:1. Additional details regarding the Credit Facilities can be found in the Form 8-K filed by the Company with the U.S. Securities and Exchange Commission today. G2 Capital Advisors, LLC served as the exclusive financial advisor to the Company.