Orion Group Holdings Enters Material Definitive Agreement

TL;DR

Orion Group Holdings signed a big deal on 6/28/24. Details TBD.

AI Summary

Orion Group Holdings, Inc. announced on June 28, 2024, that it entered into a material definitive agreement. The company, formerly known as Orion Marine Group Inc., filed an 8-K report detailing this agreement. The filing does not specify the nature of the agreement or any associated financial figures.

Why It Matters

This filing indicates a significant new development for Orion Group Holdings, potentially impacting its future operations and financial standing.

Risk Assessment

Risk Level: medium — The lack of specific details in the filing regarding the material definitive agreement introduces uncertainty about its implications.

Key Players & Entities

• Orion Group Holdings, Inc. (company) — Registrant
• Orion Marine Group Inc. (company) — Former company name
• June 28, 2024 (date) — Date of earliest event reported
• 713-852-6500 (phone_number) — Registrant's telephone number
• 12000 Aerospace Suite 300 Houston, Texas 77034 (address) — Principal executive offices

FAQ

Key Financial Figures

• $0.01 — ge on Which Registered Common stock, $0.01 par value per share ORN The New Yor
• $8.0 m — Effective Date through July 26, 2024 - $8.0 million, provided that Liquidity may be l
• $8.0 million — rovided that Liquidity may be less than $8.0 million but no less than $5.0 million on the cl
• $5.0 million — less than $8.0 million but no less than $5.0 million on the close of business of one Friday
• $10.0 million — y 27, 2024 through September 30, 2024 - $10.0 million; o From October 1, 2024 through the M
• $15.0 million — ber 1, 2024 through the Maturity Date - $15.0 million; Revised the Specified Prepayment pro
• $2.0 million — following prepayments: July 26, 2024 - $2.0 million; August 30, 2024 - $4.0 million; Septem
• $4.0 million — 2024 - $2.0 million; August 30, 2024 - $4.0 million; September 30, 2024 - $4.0 million and

Filing Documents

• orn-20240628x8k.htm (8-K) — 43KB
• orn-20240628xex10d1.htm (EX-10.1) — 88KB
• 0001402829-24-000049.txt ( ) — 266KB
• orn-20240628.xsd (EX-101.SCH) — 3KB
• orn-20240628_lab.xml (EX-101.LAB) — 16KB
• orn-20240628_pre.xml (EX-101.PRE) — 11KB
• orn-20240628x8k_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Amendment No. 4 to Credit Agreement On June 28, 2024, the Company executed Amendment No. 4 ("Amendment No. 4") to that certain Loan Agreement, dated as of May 15, 2023, by and among the Company, the subsidiaries of the Company as borrowers thereunder, White Oak Commercial Finance, LLC, as administrative agent and collateral agent, and the several lenders there under, as amended (the "Loan Agreement"). Capitalized terms used herein have the meanings given to them in the Loan Agreement, as amended by Amendment No. 4. Amendment No. 4, among other things: Revised the Minimum Liquidity covenant to require that the Loan Parties and Subsidiaries cause Liquidity to not fall below the following amounts for more than three consecutive Business Days or as of the close of business on Friday of each week: o From the Third Amendment Effective Date through July 26, 2024 - $8.0 million, provided that Liquidity may be less than $8.0 million but no less than $5.0 million on the close of business of one Friday during such period and during the week (ending Sunday) that includes such Friday; o From July 27, 2024 through September 30, 2024 - $10.0 million; o From October 1, 2024 through the Maturity Date - $15.0 million; Revised the Specified Prepayment provision to replace the prior $10.0 million prepayment due June 30, 2024 with the following prepayments: July 26, 2024 - $2.0 million; August 30, 2024 - $4.0 million; September 30, 2024 - $4.0 million and October 31, 2024 - $5.0 million; provided, however, that if the sale of the East and West Jones Property is consummated prior to September 30, 2024, then the amounts due following the consummation of such sale are not required and instead, the Borrowers shall make a mandatory prepayment on the Term Loans of the net proceeds of the sale within three Business Days of receipt of such proceeds in an amount equal to $15.0 million less the amount of the prepayments already

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Jun Exhibit No. Description 10.1 Amendment No. 4, dated June 28, 2024, to the Loan Agreement dated as of May 15, 2023 among Orion Group Holdings, Inc. and certain of its subsidiaries from time to time party hereto as borrowers, the entities from time to time party hereto, as Lenders, White Oak Commercial Finance, LLC, as Administrative Agent and Collateral Agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). EXHIBIT INDEX Exhibit No. Description 10.1 Amendment No. 4, dated June 28, 2024, to the Loan Agreement dated as of May 15, 2023 among Orion Group Holdings, Inc. and certain of its subsidiaries from time to time party hereto as borrowers, the entities from time to time party hereto, as Lenders, White Oak Commercial Finance, LLC, as Administrative Agent and Collateral Agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Orion Group Holdings, Inc. Dated: July 2, 2024 By: /s/ Travis J. Boone President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR