ENGlobal Finalizes Credit Facility with PNC

ENGlobal

announced today that it has closed on a new three-year secured revolving credit facility with PNC Bank, N.A., a member of The PNC Financial Services Group Inc.

. The PNC facility allows the Company to borrow up to $35 million pursuant to a borrowing base formula based primarily on the Company's eligible accounts receivable. The PNC facility will be used to repay the outstanding indebtedness under ENGlobal's former $35 million credit facility with Wells Fargo Bank and to provide ongoing working capital for ENGlobal and for other general corporate purposes. The new facility provides improved terms and greater flexibility when compared to the Company's former facility. ENGlobal's existing letter of credit facility with Export-Import Bank of the United States remains in place to support the Company's Caspian Pipeline Consortium (CPC) project.