Orion Group gets $103 million three-year secured facility with White Oak

By Mary-Katherine Stinson

Lexington, Ky., May 18 – Orion Group Holdings, Inc. entered into a new $103 million three-year senior secured credit facility with White Oak ABL, LLC and White Oak Commercial Finance, LLC on May 15, according to an 8-K filing with the Securities and Exchange Commission.

The facility is comprised of a $65 million asset-based revolving credit facility and a $38 million fixed-asset term loan.

The revolver will initially bear interest at one-month SOFR plus 550 basis points and the term loan at a rate of one-month SOFR plus 800 bps, subject to a 4% floor.

At closing, the company made an initial revolver draw of $9.5 million.

Proceeds will be used to refinance existing debt and for other general corporate and working capital purposes.

At the same time, the company entered into a $13 million sale-leaseback of certain concrete segment equipment with Gordon Brothers which included equipment on lease schedules of 24 months and 36 months.

Orion is a Houston-based specialty construction company.

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