Ameresco amended its credit facility with Bank of America and Webster Bank to increase the amount to $30 million.

According to a related 8-K filing, the amendment also extends the maturity date of the term loan from June 30, 2018 to June 30, 2020.

Ameresco expects to use the additional borrowings to pay down the outstanding balance on the revolving credit facility. Immediately following the closing, there was approximately $28 million of borrowings outstanding under the revolving credit facility and $30 million outstanding under the term loan.

The interest rate for borrowings under the credit facility is based on, at Ameresco’s option, either (1) a base rate equal to a margin of 0.50% or 0.25%, depending on Ameresco’s ratio of total funded debt to EBITDA (each as defined in the agreement), over the highest of (a) the Federal funds effective rate, plus 0.50%, (b) Bank of America’s prime rate and (c) a rate based on the London interbank deposit rate (“LIBOR”) plus 1.50%, or (2) the one-, two- three- or six-month LIBOR plus a margin of 2.00% or 1.75%, depending on Ameresco’s ratio of total funded debt to EBITDA.

Bank of America served as administrative agent for the facility.