Broadwind Energy announced the extension of its $20 million credit facility with Atlanta-based AloStar Bank of Commerce. Under the terms of the new agreement, the facility will transition from a $20 million revolving line of credit to a $15 million revolving line of credit plus a $5 million machinery and equipment term loan. The credit facility has a one-year term, with an annual interest rate of 30-day LIBOR plus 3.25% to 3.50%.
Broadwind executive vice president and CFO Stephanie Kushner said, “We entered into our initial credit agreement with AloStar in 2012. With this amendment, we will extend our banking agreement until August 2016, with improved terms, a lower interest rate and better availability. These improvements reflect Broadwind’s improved credit profile. We look forward to continuing to work with AloStar, who has been a good business partner.”
Broadwind Energy provides integrated solutions for customers in the energy and infrastructure markets.