Clean Energy Fuels Corp. (CLNE): debt financing — Clean Energy Fuels secures $150M sustainability-linked term loan with Riverstone Credit Partners

Clean Energy Fuels Corp.

$150M senior secured term loan matures Dec 2026; SOFR + 6.50% (7.25% after yr 2) or ABR + 5.50% (6.25% after yr 2); SOFR floor 1.50%.
Proceeds to fund RNG project expansion (dairy capture), new fueling stations, and repay some existing debt.
Loan is sustainability-linked with second party opinion from Sustainable Fitch aligned with LSTA principles.
Voluntary prepayment subject to call premium: 2% (yr 1-1.5), 2.5% (1.5-2), 3% (after yr 2); no premium before yr 1.
Covenants: max leverage, min interest coverage, min liquidity; secured by substantially all assets of borrower and guarantors.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Clean Energy Fuels Corp. incurred term loan of $150,000,000 with Riverstone Credit Management LLC (as administrative agent) at SOFR or ABR Rate plus a margin of 6.50% (increasing to 7.25% after two years) fo maturing December 22, 2026.

Instrument: term loan
Principal: $150,000,000
Counterparty: Riverstone Credit Management LLC (as administrative agent)
Rate: SOFR or ABR Rate plus a margin of 6.50% (increasing to 7.25% after two years) fo
Maturity: December 22, 2026
Event: incurrence

Exact text from the filing

On December 22, 2022 (the “Closing Date”), Clean Energy Fuels Corp. (the “Company”) and its wholly-owned direct subsidiary Clean Energy (“Borrower”) entered into that certain Senior Secured First Lien Term Loan Credit Agreement (the “Credit Agreement”) with the lenders from time to time party thereto (“Lenders”) and Riverstone Credit Management LLC, as the administrative agent for the Lenders and collateral agent for the secured parties (“Agent”), pursuant to which the Lenders funded a $150,000,000 senior secured term loan (the “Senior Term Loan”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Clean Energy Fuels Corp. entered into Senior Secured First Lien Term Loan Credit Agreement with Riverstone Credit Management LLC as administrative agent valued at $150,000,000 (effective 2022-12-22).

Action: entry
Agreement: credit facility
Counterparty: Riverstone Credit Management LLC as administrative agent
Value: $150,000,000
Effective: 2022-12-22

Exact text from the filing

On December 22, 2022 (the "Closing Date"), Clean Energy Fuels Corp. (the "Company") and its wholly-owned direct subsidiary Clean Energy ("Borrower") entered into that certain Senior Secured First Lien Term Loan Credit Agreement (the "Credit Agreement") with the lenders from time to time party thereto ("Lenders") and Riverstone Credit Management LLC, as the administrative agent for the Lenders and collateral agent for the secured parties ("Agent"), pursuant to which the Lenders funded a $150,000,000 senior secured term loan (the "Senior Term Loan").

View on SEC.gov

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Source: SEC EDGAR

accession 0001104659-22-130319

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