Ameresco Bumps Up Credit Facility Capacity To $495M

Ameresco Inc AMRC entered into an amendment and restatement to its current senior secured credit facility with a group of lenders to increase the credit facility by $262 million, bringing the total to $495 million.
The financing was secured with Bank of America. It included an increase in Ameresco's revolver to $200 million, a boost to the existing term loan to $75 million, and a new 18-month Delayed-Draw Term Loan A of up to $220 million.
The company plans to use the facility to fund various near and long-term growth objectives.
"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," commented Doran Hole, EVP, and CFO, Ameresco.
Price Action: AMRC shares are trading higher by 5.98% at $66.97 on the last check Monday.