IRVINE, Calif., Oct. 21, 2026 (GLOBE NEWSWIRE) -- Shimmick Corporation (NASDAQ: SHIM), a leading provider of water and critical infrastructure solutions, today announced that it completed a $14.3 million equipment refinancing transaction during the third fiscal quarter of 2026 with Sixty-First Commercial Finance.
The five-year, fixed-rate financing refinanced existing equipment debt, reducing the Company's borrowing rate from 12.50% to 9.31%, an improvement of approximately 319 basis points. The transaction also generated approximately $4.3 million in incremental liquidity, further enhancing Shimmick's financial flexibility.
“This refinancing reflects our continued focus on optimizing our capital structure and reducing financing costs,” said Todd Yoder, Chief Financial Officer of Shimmick. “By leveraging the value of our existing equipment portfolio, we secured a significantly lower fixed interest rate while generating additional liquidity. This strengthens our financial position and provides greater flexibility to support future equipment needs, project execution and our long-term business objectives.”
“Sixty-First Commercial Finance is pleased to provide Shimmick with a customized financing solution that supports its long-term growth strategy and operational goals,” said Kevin Ronan, Managing Director with First Citizens Commercial Finance. “This transaction demonstrates how equipment financing can be used strategically to improve cash flow, reduce financing costs and enhance financial flexibility. We are proud to support Shimmick as it continues to execute critical infrastructure projects.”
The transaction underscores Shimmick's commitment to disciplined financial management, including reducing borrowing costs, optimizing existing financing arrangements, and strengthening its capital structure to support sustainable long-term growth.
About Shimmick Corporation
Shimmick Corporation (NASDAQ: SHIM) is an industry leader in delivering turnkey infrastructure solutions that strengthen critical markets across water, energy, climate resiliency, and sustainable transportation. The Company integrates technical excellence with collaborative project delivery methods to provide innovative, technology-driven infrastructure solutions that accelerate economic growth and empower communities nationwide. With a track record spanning more than a century, Shimmick combines deep engineering heritage with an entrepreneurial spirit to solve today's most complex infrastructure challenges. For more information, visit www.shimmick.com.
About Sixty-First Commercial Finance
Sixty-First Commercial Finance is a joint venture between Sixth Street’s Asset Based Finance platform and First Citizens Bank. Sixty-First Commercial Finance leverages the well-established capabilities and expertise of both institutions to provide mid- and large-ticket capital equipment financings ranging from $5 million to $100 million, with diverse coverage across equipment asset types and industries.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of U.S. federal securities laws. These forward-looking statements are often characterized by the use of words such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements are only predictions based on our current expectations and our projections about future events, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. Forward-looking statements contained in this release include, but are not limited to, statements about the anticipated benefits of our equipment refinancing, our liquidity, financial flexibility, capital management initiatives and future business objectives. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements.
We wish to caution readers that, although we believe any forward-looking statements are based on reasonable assumptions, certain important factors may have affected and could in the future affect our actual financial results and could cause our actual financial results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on our behalf, including, but not limited to, the following: our ability to accurately estimate risks, requirements or costs when we bid on or negotiate a contract; the impact of our fixed-price contracts; qualifying as an eligible bidder for contracts; the availability of qualified personnel, joint venture partners and subcontractors; inability to attract and retain qualified managers and skilled employees and the impact of loss of key management; higher costs to lease, acquire and maintain equipment necessary for our operations or a decline in the market value of owned equipment; subcontractors failing to satisfy their obligations to us or other parties or any inability to maintain subcontractor relationships; marketplace competition; our inability to obtain bonding; our limited operating history as an independent company following our separation from AECOM, our prior owner; our relationship and transactions with our prior owner; our prior owner defaulting on its contractual obligations to us or under agreements in which we are beneficiary; our limited number of customers; any inability to successfully expand our business into new markets or geographies; dependence on subcontractors and suppliers of materials; any inability to secure sufficient aggregates; an inability to complete a merger or acquisition or to integrate an acquired company's business; adjustments in our contract backlog; accounting for our revenue and costs involves significant estimates, as does our use of the input method of revenue recognition based on costs incurred relative to total expected costs; material impairments; any failure to comply with covenants under any current indebtedness, and future indebtedness we may incur; the adequacy of sources of liquidity; the outcome of any legal or regulatory proceedings to which we are, or may become, a party, including our appeal of the USACE's notice of termination related to the Chickamauga Lock project; the effectiveness of our disclosure controls and procedures; cybersecurity attacks against, disruptions, failures or security breaches of, our information technology systems; seasonality of our business; commodity products price fluctuations, inflation (and actions taken by monetary authorities in response to inflation) and/or elevated interest rates; climate change; deterioration of the U.S. economy; changes in state and federal laws, regulations or policies under the current presidential administration, including changes in trade policies and regulations, including increases or changes in duties, current and potentially new tariffs or quotas and other similar measures, as well as the impact of retaliatory tariffs and other actions, changes to tax legislation, including the passage of the One Big Beautiful Bill Act, potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act, changes to immigration laws, as well as other legislation and executive orders or decreases or delays in or uncertainties related to governmental spending, and geopolitical risks, including those related to the war between Russia and Ukraine and the conflict and potential regime change in Iran, as well as other hostilities in the Middle East, and related disruptions to global energy markets; and other risks detailed in our filings with the Securities and Exchange Commission, including the “Risk Factors” section in our Annual Report on Form 10-K for the fiscal year ended January 2, 2026 and those described from time to time in our future reports with the SEC.
Investor Relations Contact
Investor Relations
+1-949-704-2350
IR@shimmick.com
Media Contact
Lee Ann Ballew
LeeAnn.Ballew@shimmick.com
