Retail Supplier Announces Increase in Credit Commitments
January 28, 2019 Email This Story Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Spark Energy, Inc. ("Spark" or the "Company") today announced the increase of its senior secured borrowing base credit facility (the “Facility”) to $217.5 million in commitments.
"We are proud of the strong liquidity position we have established over the last several quarters," said Nathan Kroeker, Spark’s President and Chief Executive Officer. "We have continued to reduce our collateral exposure and improve our balance sheet as we discussed following last year’s Bomb Cyclone. Our balance sheet is in much better shape this winter, and with these added commitments, we are further improving on that position. So far this year, we have been able to take advantage of the colder weather and believe that 2019 is off to a great start."
"Since we started the Facility in May 2017, our banks have continued to support us through acquisitions, weather events, and our current brand and platform consolidation efforts," said Robert Lane, Spark’s Vice President and Chief Financial Officer. "We look forward to continuing to deliver strong financial performance both for our banks and our shareholders in 2019 and beyond."