Capstone Turbine amended its credit facility with Bridge Bank, increasing the line of credit from $12 million to $15 million and reducing the letter of credit interest rate from prime 1.5% to 1%.
According to a related 8-K filing, the letter agreement extended the maturity date under the company’s two secured credit facilities from June 2, 2019 to June 2, 2021. Also, the facility fee was reduced from 0.625% to 0.5% and the cash collateral held at Bridge Bank from 42% to 40%, which is $6 million of the $15 million facility. There will be no fee for early termination.
Capstone Turbine develops, manufactures, markets and services microturbine technology solutions for use in stationary distributed power generation applications.
