FuelCell Energy subsidiary amends $80.5M financing agreement to clarify debt service coverage ratio testing periods

FUELCELL ENERGY INC

Amendment No. 1 dated Aug. 11, 2023 entered by FuelCell Energy Opco Finance 1, LLC with lenders including Investec, BMO, Liberty Bank.
Clarifies that debt service coverage ratio (minimum 1.20:1.00) is tested semi-annually on calendar-year periods starting July 1, 2023.
Information reporting to lenders will use calendar-year periods rather than borrower's fiscal year (Nov-Oct).
Restricted payment conditions relaxed: for quarters before June 28, 2024, ratio tested from July 1, 2023 to quarter-end.

Key facts

Extracted from this filing and checked against the source text.

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

FUELCELL ENERGY INC amended Amendment No. 1 to Financing Agreement with Investec Bank plc, Liberty Bank, Bank of Montreal, Amalgamated Bank, and Connecticut Green Bank (effective 2023-08-14).

Action: amendment
Agreement: credit facility
Counterparty: Investec Bank plc, Liberty Bank, Bank of Montreal, Amalgamated Bank, and Connecticut Green Bank
Effective: 2023-08-14

Exact text from the filing

Effective as of August 14, 2023, Borrower, Investec Bank plc in its capacities as a Lender and administrative agent, and Liberty Bank, Bank of Montreal, Amalgamated Bank, and Connecticut Green Bank, as Lenders, entered into Amendment No. 1 to the Financing Agreement dated as of August 11, 2023 (“Amendment No. 1”).

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Source: SEC EDGAR

accession 0001558370-23-015077

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