NEW YORK, March 12, 2019 /PRNewswire/ -- Signature
Bank and V3 Commodities have committed a combined $25 million working capital facility to Atlantic
Energy. The deal is composed of two parts with a $15 million senior revolving ABL facility with
Signature Bank and a $10 million
junior term loan facility by V3 Commodities Group Holding LLC.
Atlantic Energy offers energy efficient and smart product bundles
and is set up to service over 100,000 residential equivalents for
this year. When asked about the deal, Paul
Hamilton of V3 Commodities states, "We look forward to our
new partnership with Atlantic Energy and see them as a leader in
retail energy distribution."
Atlantic Energy Co-CEOs James
Uglow and Patrick Linden
added, "We agree this financial facility gives us much more
flexibility and liquidity to enhance our customer experience. Our
focus is to continue delivering innovative value added offers to
our customers. By the end of 2019 we will have shipped over 800,000
smart energy efficient products which will decrease our customers
energy consumption as well as carbon emissions from the
environment."
Since 2011, Atlantic Energy has continued to grow and now
operates in 36 local utilities with an internal 250 staff
salesforce. Atlantic Energy intends to utilize this facility to
continue its mission of becoming a preferred value added retail
energy provider.
About Signature Bank
Signature Bank® (NASDAQ: SBNY)
is a full-service commercial bank with offices in the five boroughs
of New York City, as well as
Nassau, Suffolk and Westchester counties in New York and Fairfield County in Connecticut. In 2018, the Bank expanded its
footprint on the West Coast with the opening of its first
full-service private client banking office in San Francisco.
About V3 Commodities Group
V3 Commodities Group
provides trade finance capital to support collateral postings with
PUC's, ISO's and LDC's, collateral to support electricity and
natural gas purchases from wholesale suppliers, and payment terms
to support the daily cash flow requirements of its clients. Our
borrowing base approach credits our clients with value for cash and
collateral postings, receivables, transportation and Inventory and
forward value of customer contracts.
About Atlantic Energy
Atlantic Energy LLC is a
licensed retail energy supplier focused on value added energy
supply plans, residential smart home bundles and energy-efficient
LED Lighting Program. Custom built logistical software, timely
delivery, and a dedicated customer service team help Atlantic
Energy better serve its diverse customer base building brand
awareness.
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SOURCE Atlantic Energy