Ameresco, Inc. (AMRC): debt financing — Ameresco amends credit facility; extends delayed draw term loan to Apr 2024, adds $100M financing covenant

Ameresco, Inc.

Amendment extends $65M delayed draw term loan A maturity to Apr 15, 2024 with $10M repayments on Jan 31, Feb 29, Mar 31, 2024.
If SCE BESS project not substantially complete by Jan 31, 2024, Ameresco must use best efforts to raise $100M equity or sub-debt by Apr 15, 2024.
Total Funded Debt to EBITDA covenant tightened: max 3.75x at Dec 31, 2023; 3.50x thereafter.
At closing, Ameresco paid $25M of term loan principal and a 0.25% fee to term lenders.
Covenant falls away if term loan repaid and liquidity ≥$75M by Feb 29, 2024; company expects SCE project completion within next month.

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

Ameresco, Inc. amended credit facility of remaining $65 million principal amount of the original $220 million delayed draw term loan A with Bank of America, N.A., as Administrative Agent maturing $10 million is due on each of January 31, 2024, February 29, 2024, and March 31, 2024, and the remaining principal amount is due on April 15, 2024.

Instrument: credit facility
Principal: remaining $65 million principal amount of the original $220 million delayed draw term loan A
Counterparty: Bank of America, N.A., as Administrative Agent
Maturity: $10 million is due on each of January 31, 2024, February 29, 2024, and March 31, 2024, and the remaining principal amount is due on April 15, 2024
Event: amendment

Exact text from the filing

the Amendment extends the maturity date of the remaining $65 million principal amount of the original $220 million delayed draw term loan A, such that $10 million is due on each of January 31, 2024, February 29, 2024, and March 31, 2024, and the remaining principal amount is due on April 15, 2024

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Ameresco, Inc. filing history →

Source: SEC EDGAR

accession 0001488139-23-000185

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