Retail Supplier Expands Revolving Loan Facility, Will Support Growth, Strategic M&A

Genie Energy Ltd., the parent of several retail energy suppliers including IDT Energy, announced that its Genie Retail Energy division has secured a $20.0 million revolving loan facility with Vantage Commodities Financial Services, LLC.

The new facility, which has a term of three years, will be available for general corporate purposes including working capital.

"The new credit agreement improves Genie Energy's capital structure and enhances our ability to leverage our strong balance sheet to execute on our growth strategies including organic meter acquisition and additional, strategic acquisitions following the successful purchase of Town Square Energy last year," said Avi Goldin, Genie Energy's Chief Financial Officer.

Genie Energy said in an 8-K that outstanding principal amount incurs interest at LIBOR plus 4.5% per annum.