TPI Composites, an independent manufacturer of composite wind blades, refinanced its existing $100 million senior secured credit facility with a new $150 million senior secured revolving credit facility. JPMorgan Chase served as the administrative agent on the transaction, while Wells Fargo and Capital One acted as co-syndication agents. JPMorgan Chase, Wells Fargo Securities and Capital One served as joint bookrunners and joint lead arrangers.
The new revolver matures on April 6, 2023 and reduces TPI’s borrowing costs on its senior secured credit facility by 375 basis points.
“We are pleased to have completed this refinancing, which features a significantly lower interest rate, a more favorable covenant structure and greater flexibility due to our increasingly strong balance sheet and financial position. Our new revolving credit facility will significantly reduce our cost of capital and positions us well to continue to execute our strategy of profitable, global and diversified growth,” said Bill Siwek, TPI’s chief financial officer.
