Energy efficiency company Comverge secures $25m credit facility

10 November 2008

Energy efficiency company Comverge has entered into a new $25m senior credit facility with Silicon Valley Bank.

The new credit facility includes a $15m term loan that is to be repaid over five years. The term loan will be used to repay most of Comverge’s existing $19.8m in subordinated convertible notes that were issued as part of the two acquisitions completed last year, the company said.

The credit facility also includes a $10m revolving line of credit with a three year term that will be available for general working capital needs and issuance of letters of credit.

Robert M Chiste, chairman, president and CEO, said, ‘We are pleased that Silicon Valley Bank has shown confidence in Comverge and our business models as evidenced by their extension of this new financing, which enhances our near-term liquidity in the currently challenging credit markets.

‘This credit facility, combined with our strong cash position and our available financing from GE Capital, provides for over $85m of cash and financing to fund growth in our business over the coming years. During this period of uncertainty in the credit markets, we are fortunate to have created flexibility for Comverge well into the future,’ he added.

Comverge has over 2,200 MW of clean energy capacity under management.

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Tags: clean energy, energy efficiency

This story was published on Monday, November 10th, 2008 at 5:53 pm and is filed under North America, companies, energy efficiency. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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