Shimmick Corporation, through its wholly-owned subsidiary Shimmick Construction Company, Inc., entered into a Loan and Security Agreement with Sixty-First Commercial Finance, LLC on October 2, 2026. The agreement provides for a borrowing capacity of $14.3 million, evidenced by a promissory note.
The Promissory Note has a maturity date of October 2, 2031, and accrues interest at a rate of 9.31% per annum. Upon the occurrence of a Default, the Lender is entitled to receive interest at a default rate of the lesser of 15.0% per annum and the maximum rate of interest allowable under applicable law.
The Borrower has granted a security interest in various assets, including equipment, software, intellectual property, cash deposits, chattel paper, rights under contracts, insurance proceeds, and books and records, as collateral for the loan.
In connection with the new agreement, Shimmick Corporation and a wholly-owned subsidiary entered into separate guaranty agreements unconditionally guaranteeing the Borrower's liabilities under the Loan Agreement.
On the Closing Date, the Company fully repaid all outstanding amounts and terminated its previous Loan and Security Agreement with Ansley Park Capital LLC, which was originally entered into on March 12, 2025.
The Company also executed amendments to its revolving credit facility with Alter Domus (US) LLC, acting as agent, and AECOM and Berkshire Hathaway Specialty Insurance Company, as lenders, as well as an amendment to its credit agreement with ACF FINCO I LP. These amendments replace references to the previous Ansley Park Capital agreement with references to the new Sixty-First Commercial Finance agreement.
