Ameresco, a cleantech integrator specializing in energy efficiency and renewable energy, refinanced and expanded its term loan and revolving credit facility.
The company entered into a sixth amended and restated senior secured credit agreement with a syndicate of lenders, including Bank of America, Keybank, Cooperative Rabobank U.A. (New York branch), Webster Bank and HSBC Bank USA.
The new credit agreement replaces and extends Ameresco’s existing credit agreement and provides up to $50 thousand in additional liquidity through an expanded revolver and term loan. The refinanced facilities include a $225 million revolving credit facility and a $100 million term loan, both maturing on Dec. 28, 2028. Overall, the refinanced credit facilities offer increased financial flexibility for Ameresco at the same interest rate spreads as the prior agreement.
The proceeds from the refinanced credit facilities are expected to be used for a range of general corporate purposes. These might include facilitating permitted acquisitions, refinancing existing corporate indebtedness and addressing working capital requirements. The obligations under the new credit agreement are guaranteed by certain wholly owned domestic subsidiaries and are secured by a pledge of the company’s and subsidiary guarantors’ assets.
“We are pleased to have extended and increased our credit facilities, which will provide us with enhanced financial flexibility to support our growth initiatives and strategic objectives,” Mark Chiplock, executive vice president and chief financial officer of Ameresco, said. “This refinancing underscores the confidence our lenders have in Ameresco’s business model and future prospects.”
