Limbach Holdings Secures $10M Term Loan for Preferred Stock Repurchase

Limbach Holdings, Inc. and its subsidiaries entered into a second amendment to their credit agreement to secure a new $10 million term loan. The proceeds were used to repurchase all outstanding Class A Preferred Stock from 1347 Investors LLC for $9.1 million plus accrued dividends.

“On January 12, 2018 (the “Effective Date”), the Loan Parties entered into the second amendment and limited waiver to the Credit Agreement (the “Second Amendment and Limited Waiver”) with the Lenders party thereto and Fifth Third Bank, as Administrative Agent and L/C Issuer. The Second Amendment and Limited Waiver provides for the making of a new term loan under the Credit Agreement in the aggregate principal amount of $10,000,000 (the “New Term Loan”) to be used for the purpose of financing the repurchase (the “Repurchase”) of all of the Company’s outstanding Class A Preferred Stock, par value $0.0001 per share (the “Preferred Stock”), including accrued but unpaid dividends, and the payment of certain fees and expenses associated therewith.”

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