Macquarie Energy Expands Crius Facility
Crius Energy Trust expanded its credit facility with Macquarie Energy.
Key changes to the credit facility include: an increased overall exposure limit from $150 million to $250 million; reduced fee structure through adjustments to the volumetric adder fee and elimination of certain other fees; and improved flexibility to procure energy from market counterparties and increased ability to enter into fixed price products for a term up to 60 months.
The expanded facility came into effect on April 1, 2015 and the working capital sub-limit remains at $60 million with a base interest rate of LIBOR plus 5.5%. As of December 31, 2014, the availability under the facility was approximately $32 million.
The Trust was established to provide investors with a distribution-producing investment through the acquisition of an approximate 26.8% ownership interest in Crius Energy.
“We are pleased to expand our Macquarie credit facility in conjunction with the TriEagle Energy acquisition closed last week,” stated Michael Fallquist, CEO of Crius Energy Trust. “Macquarie continues to support our growth as a key strategic partner and the enhancements to the credit facility, including increased size, reduced costs, and more flexibility, will allow us to continue to grow operations effectively.”
Crius Energy is an energy solutions partner that provides electricity, natural gas and solar products to residential and commercial customers.