Solar Integrated Roofing, an integrated, single-source solutions provider of solar power, roofing and EV charging systems, secured a $10 million revolving credit facility with a top four national bank to finance the company’s working capital requirements, subject to customary closing conditions.
Per the terms of the agreement, the $10 million revolving credit facility shall have a one-year term and carry interest at the SOFR rate plus 1.50%. The company may borrow, prepay and reborrow principal under the credit agreement from time to time during its term.
“In combination with the impending closing of our recent $25 million term note, this new credit facility will provide greater financial flexibility to invest in internal initiatives and support our next phase of growth as we aggressively focus on improving operating cash flows and profitability in 2023,” David Massey, chairman and CEO of Solar Integrated Roofing, said. “The terms of the new facility are favorable to SIRC and enhances our borrowing capacity at attractive rates, reflecting our strong base of business and cost control efforts to reduce redundant expenses.
“As we grow and further expand our relationship with this banking partner across all aspects of the business, in time we hope to grow this credit line towards an internal goal of $100 million. Upon closing, this credit facility will mark another important milestone for SIRC as we continue to execute on our strategic long-term growth objectives and strive to create sustainable, long-term value for our shareholders,” Massey said.
