Williams Industrial receives interim approval of DIP financing

By Sarah Lizee

Olympia, Wash., July 26 – Williams Industrial Services Group Inc. received interim approval to access debtor-in-possession financing, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company has received commitments for two DIP credit agreements with its prepetition lenders.

One of the DIP facilities is a revolving line of credit via PNC Bank NA that will replace the company’s prepetition revolver, allowing for continued credit advances based on the company's collateral contributions up to a maximum availability of $12 million.

The second facility is a one-year delayed-draw term loan with the company’s existing term lenders which will provide up to $19.5 million of incremental liquidity. EICF Agent LLC is the agent and CION Investment Corp. is lender and co-lead arranger.

The company has now received interim access to $14 million of the DIP term loan.

Interest on the DIP term loan is SOFR plus 900 basis points. There is a 1% upfront application fee, a 2% closing fee and a 1% exit fee on the DIP term loan.

The DIP revolver is set to mature on Sept. 29 and bear interest at SOFR plus 400 bps.

Atlanta-based Williams Industrial Services is a provider of infrastructure related services to blue-chip customers in energy and industrial end markets. The company filed bankruptcy on July 20 under Chapter 11 case number 23-10961.

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