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Retail Supplier Announces $25 Million Subordinated Debt Facility
Spark Energy, Inc. announced that it has entered into a $25.0 million subordinated debt facility with Retailco, LLC.
Retailco, LLC is Spark's majority shareholder and is wholly-owned by Keith Maxwell, Spark Energy's founder and chairman. A special committee of Spark Energy's Board of Directors consisting solely of independent directors reviewed and approved the terms of the subordinated debt facility.
"With this sponsor supported debt facility, the Company has increased flexibility to quickly and efficiently address various strategic initiatives utilizing a low cost of capital," said Nathan Kroeker, Spark Energy's President and Chief Executive Officer.
Spark Energy plans to use the facility to enhance working capital, for growth initiatives, and for capital optimization, including, subject to lender approval, stock buybacks.
The facility will bear a fixed annual interest rate of 5.0% and will have a tenor of three-and-one-half years. The subordinated debt facility is unsecured and is subordinated to the Company's senior credit facility. Spark Energy intends to draw down $5.0 million under the new facility prior to December 31, 2016.
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December 28, 2016
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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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