FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


ENGlobal Finalizes $10MM Credit Facility With Regions Bank

September 17, 2014, 07:12 AM
Filed Under: Energy Services

ENGlobal, a leading provider of engineering and automation services, announced that it has closed on a new three-year secured revolving credit facility with Regions Bank. The Regions facility allows the company to borrow up to $10 million pursuant to a borrowing base formula based primarily on the Company's eligible accounts receivable.

The Regions facility will be used to provide ongoing working capital for ENGlobal and for other general corporate purposes. The new facility will replace the Company's former facility with PNC Bank, N.A., which was undrawn at the time of closing.

"We are very pleased to have closed this new credit facility with Regions," ENGlobal's Chief Financial Officer, Mark Hess, said. "The Regions credit facility will maintain our borrowing capacity and liquidity, thereby providing working capital for growth. Regions has a strong understanding of our business and we look forward to a long and mutually rewarding business relationship."

ENGlobal is a provider of engineering and automation services primarily to the energy sector throughout the United States and internationally.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.