Bowman Closes On $100 Million Revolving Credit Agreement
Update
05/03/24
Bowman Closes On $100 Million Revolving Credit Agreement
Bowman Consulting Group Ltd. (“Bowman” or “the Company”) (NASDAQ: BWMN), has announced it entered into a $100 million aggregate revolving credit agreement with Bank of America, N.A, as Administrative Agent, and TD Bank, N.A., as Syndication Agent (the “Credit Agreement”). With a five-year term, the Credit Agreement replaces the Company’s $70 million revolving line of credit with Bank of America. The general provisions of the Credit Agreement are similar to the predecessor credit facility.
“This expanded credit facility reflects our long-term partnership with Bank of America and adds a new relationship in TD Bank,” said Gary Bowman, Chief Executive Officer. “The new facility further secures our ability to access capital as we continue to execute on our strategic growth initiative.”
The Company will discuss the Credit Agreement in more detail at its upcoming earnings conference call on May 7, 2024, at 9am ET.
