VoltaGrid entered into a senior secured revolving credit facility. The facility provides the company immediate access to $60 million and up to $150 million under certain conditions. BMO Capital Markets is acting as administrative agent for the facility.
The facility is expected to be used primarily for capital expenditures, working capital and other general corporate purposes. The facility contains customary representations, warranties, covenants (affirmative and negative, including maximum consolidated total leverage ratio and minimum consolidated interest coverage ratio covenants) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of amounts borrowed.
“We deeply appreciate the support from BMO Capital Markets and Export Development Canada (EDC), a Canadian Financial Crown Corporation, on our new credit facility,” Nathan Ough, president and CEO of VoltaGrid, said. “Securing this new credit facility and having the flexibility to grow to $150 million is an important milestone in our company’s life and provides us with the necessary capital to support our customers and their growth plans.”
“BMO is committed to supporting our clients as they pursue opportunities created by the global shift in production and consumption of energy,” Aaron Engen, vice chair investment and corporate banking and co-head, energy transition group at BMO Capital Markets, said. “VoltaGrid provides its customers practical decarbonization solutions with its unique product offering, and we are pleased to support the company’s growth with our capital through this facility.”
“At EDC, we believe one of the most important contributions we can make in the transition to a low carbon economy is by supporting the development and adoption of innovative cleaner technologies,” Guillermo Freire, senior-vice president, mid-market at EDC, said. “This is why we’re pleased to support VoltaGrid as it scales up and expands the reach of its solutions, which are helping their customers in resources and industrial-based sectors to measure and lower their emissions and contribute positively to the energy transition.”
