Workhorse Says New Loan Will Cover Electric Truck Production

Workhorse Group Inc. (NASDAQ: WKHS) has secured a $41 million loan in its third hedge fund deal in a year that the electric truck maker said will let it build out a backlog of 1,100 orders for lightweight commercial delivery vans. Financially challenged Workhorse, which booked just $4,000 in revenue in the third quarter, will use the proceeds from the new loan to pay off Marathon Asset Management, which charged 7.625% annual interest on a total loan of $35 million. The new lender, High Trail Capital, will charge Workhorse 4.5% a year to be paid quarterly beginning in February 2020.

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