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ENGlobal pays off Pacific Western credit facility

June 20, 2023

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.