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Retail Supplier Closes New $120 Million Credit Facility To Support Growth
Spark Energy, Inc. announced today the closing of a new $120 million senior secured borrowing base credit facility (the "Facility" or the "Agreement") to replace the existing senior secured credit facility.
The Facility, which includes a $30 million accordion, replaces the current $107.5 million credit facility, which was set to mature July 2017. This new larger facility will include Verde Energy as a co-borrower upon the closing of that transaction in the coming months.
"This new larger facility has additional features and flexibility that will better support our continued growth initiatives, and provides increased financial flexibility to capitalize on opportunities to enhance shareholder value," said Nathan Kroeker, Spark's President and Chief Executive Officer.
Coöperatieve Rabobank U.A., New York Branch will act as Joint Lead Arranger, Sole Bookrunner, and Administrative Agent. BBVA Compass will act as Joint Lead Arranger and Syndication Agent. Other financial institutions who have joined the facility include Woodforest National Bank, Credit Agricole Corporate & Investment Bank, and Brown Brothers Harriman & Co.
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May 22, 2017
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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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