Greenbacker Renewable Energy closed a $60 million senior secured credit agreement with Fifth Third Bank as administrative agent, sole lead arranger and sole bookrunner.
The initial drawdown on the facility was approximately $25.7 million, which was used to pay off existing loans with various financial institutions as well as for funding future investments. The facility, which allows for additional drawdowns through December 31, 2018, matures on January 5, 2024, and bears interest at a rate priced over LIBOR, is collateralized by assets, property and interests in property held by various company subsidiaries.
“Entering into this credit agreement with Fifth Third Bank enhances a relationship that the company has had with Fifth Third Bank over the past few years,” stated Richard Butt, CFO of Greenbacker. “We look forward to expanding our banking relationship in the coming years as the company continues to grow and invest in alternative energy assets for the benefit of our investors.”
Greenbacker Renewable Energy is a publicly registered, non-traded limited liability company that owns and operates a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.
