Ameresco Strengthens Balance Sheet With Debt Financing From Nuveen
July 01 2024 - 6:45AM
Business Wire
Five Year Debt Providing Attractive Flexible
Capital
Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator
specializing in energy efficiency and renewable energy, today
announced that it has successfully secured a $100M second lien debt
financing with Nuveen Energy Infrastructure Credit. This strategic
financial move underscores Ameresco’s commitment to grow its
business and provides balance sheet stability on attractive
terms.
“We’re thrilled to be working with Nuveen, who have proven in
short order to be a flexible and creative financing partner,” said
Doran Hole, Chief Financial Officer at Ameresco. “With the
extension of the Delayed Draw Term Loan A, we began exploring
potential partners for creative debt capital. The Company continues
to invest in assets from its development pipeline as well as
explore opportunistic acquisitions, seeking to enhance shareholder
value through investment returns that exceed its cost of capital.
The competitive interest rate and the long tenor of the Nuveen
financing supports these efforts and solidifies a new relationship
with a multi-faceted lending and investment platform that we expect
to contribute to the Company’s future growth.”
“We look forward to our partnership with Ameresco and are
excited to provide long-term financing to support its growing
business” said Don Dimitrievich, Portfolio Manager of Nuveen’s
Energy Infrastructure Credit business. “Supporting best-in-class
energy efficiency and renewable energy operators like Ameresco is
fundamental to our business.”
The financing is leverage-neutral for the quarter ended June 30,
2024, as the net proceeds were used to pay off the remaining
balance of the Company’s Delayed Draw Term Loan A, with the
remaining funds being applied to reduce the outstanding balance on
the company's senior secured revolving credit facility.
“We extend our gratitude to our Senior Secured Lenders for their
cooperation and to Nuveen for their approval and closure of this
transaction, as formalized through the 6th Amendment to our Senior
Secured Credit Facility,” continued Mr. Hole.
The full second lien agreement and the 6th amendment to the
company’s Senior Secured Credit Facility were filed with the SEC on
Form 8-K on July 1, 2024.
Oppenheimer & Co acted as the Lead Arranger for the
transaction.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading
cleantech integrator and renewable energy asset developer, owner
and operator. Our comprehensive portfolio includes solutions that
help customers reduce costs, decarbonize to net zero, and build
energy resiliency while leveraging smart, connected technologies.
From implementing energy efficiency and infrastructure upgrades to
developing, constructing, and operating distributed energy
resources – we are a trusted sustainability partner. Ameresco has
successfully completed energy saving, environmentally responsible
projects with Federal, state and local governments, utilities,
healthcare and educational institutions, housing authorities, and
commercial and industrial customers. With its corporate
headquarters in Framingham, MA, Ameresco has more than 1,500
employees providing local expertise in North America and Europe.
For more information, visit www.ameresco.com.
Forward looking statements
Any statements in this press release about future expectations,
plans and prospects for Ameresco, Inc., including statements about
our expected plans for the future investments and growth, our
ability to comply with debt covenants and our ability to repay our
obligations as they come due and other statements containing the
words “projects,” “believes,” “anticipates,” “plans,” “expects,”
“will” and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
indicated by such forward looking statements as a result of various
important factors, including: demand for our energy efficiency and
renewable energy solutions; the timing of, and ability to, enter
into contracts for awarded projects on the terms proposed or at
all; the timing of work we do on projects where we recognize
revenue on a percentage of completion basis; the ability to perform
under signed contracts without delay and in accordance with their
terms and related liquidated and other damages we may be subject
to; the fiscal health of the government and the risk of government
shutdowns; our ability to complete and operate our projects on a
profitable basis and as committed to our customers; our cash flows
from operations and our ability to arrange financing to fund our
operations and projects our customers’ ability to finance their
projects and credit risk from our customers; our ability to comply
with covenants in our existing debt agreements including the
requirement to raise additional subordinated debt; the impact of
macroeconomic challenges, weather related events and climate change
on our business; our reliance on third parties for our construction
and installation work; availability and cost of labor and equipment
particularly given global supply chain challenges and global trade
conflicts; global supply chain challenges, component shortages and
inflationary pressures; changes in federal, state and local
government policies and programs related to energy efficiency and
renewable energy; the ability of customers to cancel or defer
contracts included in our backlog; the output and performance of
our energy plants and energy projects; cybersecurity incidents and
breaches; regulatory and other risks inherent to constructing and
operating energy assets the effects of our acquisitions and joint
ventures; seasonality in construction and in demand for our
products and services; a customer’s decision to delay our work on,
or other risks involved with, a particular project; the addition of
new customers or the loss of existing customers; market price of
our Class A Common stock prevailing from time to time; the nature
of other investment opportunities presented to our Company from
time to time; risks related to our international operation and
international growth strategy; and other factors discussed in our
most recent Annual Report on Form 10-K. The forward-looking
statements included in this press release represent our views as of
the date of this press release. We anticipate that subsequent
events and developments will cause our views to change. However,
while we may elect to update these forward-looking statements at
some point in the future, we specifically disclaim any obligation
to do so. These forward-looking statements should not be relied
upon as representing our views as of any date subsequent to the
date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20240701161765/en/
Media Relations: Ameresco: Leila Dillon, 508-661-2264,
news@ameresco.com
Investor Relations: Eric Prouty, AdvisIRy Partners,
212.750.5800, eric.prouty@advisiry.com Lynn Morgen, AdvisIRy
Partners, 212.750.5800, lynn.morgen@advisiry.com
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