Shimmick enters $14.3 million loan agreement with Sixty-First Commercial Finance
SHIM•Shimmick entered a loan agreement providing $14.3 million of borrowing capacity at a 9.31% interest rate, with the promissory note maturing Oct. 2, 2031. The company repaid and terminated its prior Ansley Park Capital loan and amended two credit agreements to reflect the new facility.
1. Loan terms and changes
The loan is secured by specified equipment-related collateral, and Shimmick provided guarantees through its parent and a wholly owned unit. In the event of default, interest rises to the lesser of 15.0% or the maximum rate allowed by law, and the lender can accelerate repayment.
