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.
About Rand Worldwide
Rand Worldwide is one of the world’s leading professional services and technology companies for the engineering community, targeting organizations in the building, infrastructure, and manufacturing industries. The company advances the way organizations design, develop, and manage building, infrastructure, and manufacturing projects. Fortune 500 and Engineering News Record’s Top 100 companies work with Rand Worldwide to gain a competitive advantage through technology consulting, implementation, training, and support services. One of the world’s largest integrators of Autodesk software, the company also provides facilities management software from ARCHIBUS, Ansys simulation services and software via the Rand SIM team, CAD and PLM courseware through their ASCENT division and provides training and consulting solutions on Dassault Systèmes and PTC products. For more information, visit rand.com.
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