Shimmick, a provider of water and critical infrastructure solutions, 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,” Todd Yoder, chief financial officer of Shimmick, said. “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.”
Kevin Ronan, managing director with First Citizens Commercial Finance, added, “Sixty-First Commercial Finance is pleased to provide Shimmick with a customized financing solution that supports its long-term growth strategy and operational goals. 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.”
