Orion Group Holdings Positions for Growth with Closing of $120 Million Refinancing Transaction

Core Viewpoint - Orion Group Holdings, Inc. has secured a new five-year $120 million Senior Credit Facility with UMB Bank, enhancing its financial flexibility and supporting its growth strategy [1][2]. Financial Details - The new Credit Facility consists of a $60 million revolving line of credit, a $20 million equipment term loan facility, and a $40 million acquisition term loan facility, with an additional $25 million uncommitted accordion for future growth [4]. - The facility refinances the previous $88 million credit agreement, which was set to mature in May 2028, and offers a reduced interest rate of SOFR plus 2.5% to 3.0%, a decrease of approximately 225 basis points compared to the prior agreement [4]. Strategic Implications - The refinancing is viewed as a key milestone in the company's growth strategy, providing expanded liquidity and greater borrowing capacity at a lower overall cost of capital [2]. - The proceeds from the new facility will be used to repay $23 million in outstanding borrowings under the previous facility and for general corporate purposes [4]. Company Overview - Orion Group Holdings is a leading specialty construction company serving various sectors, including infrastructure, industrial, and building, with operations in the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin [5]. - The company provides marine construction and dredging services, as well as turnkey concrete construction services for large commercial and structural projects [5].