Ameresco Secures $262 Million Credit Facility Increase
March 07 2022 - 8:55AM
Business Wire
Increase brings total credit facility size to
$495 million, intended to fund future growth objectives
Ameresco, Inc., (NYSE: AMRC), a leading energy efficiency and
renewable energy company, today announced it has entered into an
amendment and restatement to the company’s current senior secured
credit facility with a group of lenders led by Bank of America.
This amendment and restatement resulted in a $262 million increase,
bringing Ameresco’s credit facility total to $495 million.
The financing was secured with Bank of America and included an
increase in Ameresco’s revolver to $200 million, as well as an
increase to the existing term loan to $75 million and a new
18-month Delayed-Draw Term Loan A of up to $220 million. Ameresco
plans to use the facility to fund various near and long-term growth
objectives, including support of Ameresco’s design-build agreement
with Southern California Edison’s 537 megawatt (MW) large
distribution battery energy storage systems (BESS) and longer-term
goals such as growth of Ameresco’s energy asset portfolio,
potential acquisition opportunities and general corporate
purposes.
“This large-scale facility will provide a low cost and flexible
source of capital as we continue to develop and diversify our
portfolio of cleantech solutions and renewable energy projects,”
said Doran Hole, EVP and Chief Financial Officer, Ameresco. “We are
grateful that Bank of America has continued to share our vision for
a more sustainable future through energy resiliency and efficiency
solutions.”
“We welcomed the opportunity to again work with our long-time
client, Ameresco, Inc., and to support the continued growth of the
company. The increased financial capacity behind this amendment
speaks to our shared commitment for a greener future,” said Michael
Palmer, Bank of America Market Executive. “At Bank of America, we
help our clients access financial resources to achieve success in
making the world more sustainable.”
BOFA Securities, Inc., Fifth Third Securities, Inc. and KeyBanc
Capital Markets, Inc., acted as joint lead arrangers and joint
bookrunners, Webster Bank N.A. acted as Co-Documentation Agent, and
Bank of America, N.A., is acting as Administrative Agent for the
facility.
To learn more about the energy solutions offered by Ameresco,
visit www.ameresco.com/solutions/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading
independent provider of comprehensive services, energy efficiency,
infrastructure upgrades, asset sustainability and renewable energy
solutions for businesses and organizations throughout North America
and Europe. Ameresco’s sustainability services include upgrades to
a facility’s energy infrastructure and the development,
construction and operation of renewable energy plants. Ameresco has
successfully completed energy saving, environmentally responsible
projects with Federal, state and local governments, healthcare and
educational institutions, housing authorities, and commercial and
industrial customers. With its corporate headquarters in
Framingham, MA, Ameresco has more than 1,000 employees providing
local expertise in the United States, Canada, and the United
Kingdom. For more information, visit www.ameresco.com.
Safe Harbor Statement
This press release contains forward-looking statements which are
based on current expectations, forecasts and assumptions that
involve risks and uncertainties that could cause actual outcomes
and results to differ materially, including statements related to
use of the proceeds from the facilities as well as Ameresco’s
growth plans. For a list and description of risks and
uncertainties, please see Ameresco's reports and other filings with
the U.S. Securities and Exchange Commission. Ameresco disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220307005575/en/
Media: Ameresco: Leila Dillon, 508-661-2264,
news@ameresco.com
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