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JFBroderick

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Re: GolfFishSurf post# 687

Wednesday, 01/02/2019 8:55:51 AM

Wednesday, January 02, 2019 8:55:51 AM

Post# of 7928
Workhorse Group (NASDAQ:WKHS) says it closed a $35M financing deal with Marathon Asset Management.

The new facility has a three-year term to be provided in two separate tranches. The first tranches will be a $10M lump sum amount that will be used principally to satisfy repayment of the July 2018 senior secured notes. The remaining $25M will function as a revolving credit facility from which Workhorse may draw down as necessary to meet existing and future purchase orders.

The company says the proceeds will be used for current working capital, parts acquisitions to fulfill existing and future customer purchase orders and contracts as well as to satisfy full repayment of the senior secured notes incurred in July 2018.

Source: Press Release

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