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Rand Worldwide Announces Successful Completion of Debt Refinancing and Declares Special Dividend

Published June 11, 2021 01:00 PM EDT on BusinessWire

Today, Rand Worldwide Inc. (OTCBB: RWWI), the nationwide technology experts for design, engineering, simulation and facilities management, announced that it has entered into an amended and restated credit agreement with its bank consisting of two credit facilities which replace the Company’s previous credit agreements. The first facility is a five-year $10 million line of credit, secured by all assets of the Company with borrowing levels subject to borrowing base limits with interest set at the one-month LIBOR rate plus a margin of 1.50%. The second facility is a five-year, $38 million term note loan with scheduled monthly principal payments of $633,333.33 over its five-year term, and interest paid monthly based on one-month LIBOR rate plus a margin of 1.50%. In connection with this financing transaction, the Company’s Board of Directors authorized a special dividend of $1.00 per share of the Company’s common stock to be paid on June 28, 2021 to the Company’s shareholders of record as of June 21, 2021.... Read more