AquaVenture Holdings, a Water-as-a-Service (WAAS) solution provider, completed a $150.0 million senior secured credit agreement with Deutsche Bank AG as the arranger and lender and Wells Fargo Bank as administrative agent.

The new credit agreement provides for a four-year term, non-amortizing loan that bears interest at LIBOR + 6.00% with a LIBOR floor of 1%. Total loan proceeds are expected to be approximately $147 million, net of debt financing and origination fees, of which the company will use approximately $100 million to repay in full the outstanding principal on its existing Trinidad, USVI, Curacao and Quench loans. The remaining proceeds are expected to be used for general corporate purposes, including acquisition and project development opportunities as well as working capital needs.

“We are excited about the completion of this financing which supports our goals of optimizing, extending and expanding our capital structure,” said Lee Muller, AquaVenture’s chief financial officer. “In addition to decreasing our weighted average cost of debt, we structured a loan facility that has the flexibility to accommodate our growth objectives.”

Tampa, FL-based AquaVenture is a multinational provider of WAAS solutions that provide customers a reliable and cost-effective source of clean drinking and process water primarily under long-term contracts that minimize capital investment by the customer.