GSE Systems, Inc. Announces New $5 Million Revolving Credit Facility
January 04, 2017 at 09:05 pm
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GSE Systems, Inc. announced that it has entered into a new $5 million revolving line of credit, which replaces the company’s previous credit facility that was scheduled to mature in March 2017. The new three-year credit facility with Citizens Bank provides GSE the ability to utilize the facility for general working capital with a lower interest rate of LIBOR plus 2.25%, a reduction in letter of credit fees from 1.75% to 1.25%, and lower unused capacity fees and removes the previous credit facility’s restricted cash requirement for future letters of credit. The agreement is subject to standard financial covenants and reporting requirements.
GSE Systems, Inc. is a provider of engineering services and technology, staffing, and simulation software to clients in the power and process industries. Its segments include Engineering and Workforce Solutions. Engineering segment primarily encompasses its power plant high-fidelity simulation solutions, technical engineering services for American Society of Mechanical Engineers programs, power plant thermal performance optimization, and interactive computer-based tutorials/simulation focused on the process industry. It also includes various simulation products, engineering consulting services, and operation training systems delivered across the industries its serves primarily in the nuclear, fossil fuel power generation and the process industries. The Workforce Solutions segment provides specialized, technical talent and specialty services throughout the energy, engineering, and adjacent industries including construction, government, infrastructure, environmental, and manufacturing.
GSE SYSTEMS, INC. 
