Shimmick (SHIM) shares rose 4.3% in recent trading Wednesday after the company received a combined $30 million in financing from Ares Management (ARES) affiliates, aimed at refinancing existing debt and boosting liquidity.
Ares Commercial Finance provided a $15 million senior secured revolving line of credit, and the Ansley Park Capital affiliate extended a $15 million machinery and equipment term loan.
"Our goal from the beginning was to provide Shimmick with a one-stop solution for working capital and equipment finance needs," Mitch Drucker, a partner at Ares Commercial Finance, said Wednesday in a statement.
Ares Management shares rose 0.1%.
Price: 1.85, Change: +0.08, Percent Change: +4.29
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