Shimmick Enters Into a $14.3 Million Loan Agreement

MT newswire2026/10/09 11:24

07:24 AM EDT, 10/09/2026 (MT Newswires) -- Shimmick (SHIM) said in a filing Thursday that its wholly owned subsidiary, Shimmick Construction Company, entered into a loan and security agreement with Sixty-First Commercial Finance on Oct. 2, providing borrowing capacity of $14.3 million for project expenses and general corporate purposes. The loan carries an annual interest rate of 9.31% and matures Oct. 2, 2031, and the lender may charge a default rate of up to 15% annually, subject to applicable law, if a default occurs, the filing said. Shimmick used the proceeds to fully repay and terminate its previous loan agreement with Ansley Park Capital, entered into in March 2025, it added. The company said it also amended two existing credit agreements to replace references to the terminated loan with the new financing arrangement. The remaining terms of those credit agreements were substantially unchanged, according to the filing.

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