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Bowman Increases Borrowing Capacity Under Revolving Credit Facility
Rhea-AI Impact
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Rhea-AI Summary
Bowman Consulting Group Ltd. (BWMN) Increases Revolving Credit Facility to $70 Million with First Amendment to Credit Agreement with Bank of America
Positive
The increase in the maximum principal amount under the Revolver from $50 million to $70 million indicates the company's positive growth trajectory and its ability to capitalize on opportunities. The extended term to July 31, 2025, provides stability and flexibility for the company's strategic initiatives.
Negative
None.
RESTON, Va.--(BUSINESS WIRE)--
Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN) announced today that it has completed a First Amendment to Amended and Restated Credit Agreement (the “First Amendment”) with respect to the Company’s revolving credit facility (the “Revolver”) with Bank of America, N.A. The First Amendment increases the maximum principal amount under the Revolver from $50 million to $70 million, modifies certain provisions related to interest rate spreads and unused fees, and extends the term to July 31, 2025. Other general terms of the Revolver remained unchanged.
“As we continue to execute on our strategic growth initiative, our credit facility allows us to be nimble and capitalize on opportunities as they present themselves,” said Gary Bowman, Bowman’s Chairman and CEO. “We appreciate our long-standing partnership with Bank of America.”
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With over 1,900 employees and more than 75 offices throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.
What is the impact of the First Amendment on Bowman Consulting Group Ltd.'s credit facility?
The First Amendment increases the maximum principal amount under the Revolver from $50 million to $70 million, modifies certain provisions related to interest rate spreads and unused fees, and extends the term to July 31, 2025.
Who is the partner for Bowman Consulting Group Ltd.'s revolving credit facility?
Bank of America, N.A. is the partner for the company's revolving credit facility.
What does Gary Bowman, Bowman's Chairman and CEO, say about the First Amendment?
Gary Bowman expressed appreciation for the long-standing partnership with Bank of America and highlighted the flexibility the credit facility provides for the company's strategic growth initiatives.
