Willdan Group talks with lenders about possible covenant relief

By Wendy Van Sickle

Columbus, Ohio, April 16 – Willdan Group, Inc. said its management has held initial talks with the company’s lending group regarding potential relief from its financial covenants and to preserve financial flexibility amid the current global market uncertainty caused by Covid-19, according to a news release.

As of April 14, Willdan had $16 million of net cash balance and $56 million in borrowing capacity available under its credit facilities, subject to compliance with financial covenants and inclusive of borrowing capacity under its delayed-draw term loan.

In the first quarter, the company said it enhanced liquidity by minimizing working capital and significantly improving cash collections and that “combined with availability under its credit facilities, the enhanced liquidity provides a cushion against any unforeseen liquidity disruptions.”

Willdan is an Anaheim, Calif., provider of professional technical and consulting services to utilities, government agencies and private industry.

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