--- schema_version: "secwatch.filing_event.v1" accession: "0001558370-23-015262" form_type: "8-K" ticker: "FCEL" cik: "0000886128" company_name: "FUELCELL ENERGY INC" filed_at: "2023-08-24T23:59:59+00:00" generated_at: "2026-06-11T04:31:51.826115+00:00" event_type: "debt" sentiment: "neutral" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # FuelCell Energy closes $20M back leverage financing for Groton project ## Summary - Borrowed $12M senior and $8M subordinated loans; net proceeds ~$19.6M after fees. - Used $1.7M for DSCR reserves, $6.5M for O&M reserves, $0.3M sub DSCR reserve; $11.1M released to FCEL. - $3.0M used to repay Conn. Green Bank loan, terminating that agreement. - Senior loan: Liberty 6.75%, Amalgamated 6.07% (or 7.32% if carbon offset not bought); Sub 8% step-down. - Seven-year senior term, 20-year sub; collateral includes project company assets; FCEL guarantees. ## SEC filing metadata - accession: 0001558370-23-015262 - form_type: 8-K - ticker: FCEL - cik: 0000886128 - company_name: FUELCELL ENERGY INC - filed_at: 2023-08-24T23:59:59+00:00 - event_type: debt - sentiment: neutral - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 1.02, 2.03, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/886128/000155837023015262/0001558370-23-015262-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/886128/000155837023015262/fcel-20230818x8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001558370-23-015262 - JSON: https://secwatch.observer/filing/0001558370-23-015262.json - Plain text: https://secwatch.observer/filing/0001558370-23-015262.txt ## Key facts - Debt Financings FUELCELL ENERGY INC incurred term loan of 50% of $12.0 million with Amalgamated Bank at 6.07% or 7.32%. - Instrument: term loan - Principal: 50% of $12.0 million - Counterparty: Amalgamated Bank - Rate: 6.07% or 7.32% - Event: incurrence source text: as a lender (“Amalgamated Lender” and, collectively with Liberty Lender, the “Senior Back Leverage Lenders”), for a term loan facility in an amount not to exceed an aggregate of $12.0 million to be provided 50% by Liberty Lender and 50% by Amalgamated Lender (such facility, the “Senior Back Leverage Loan Facility,” each such term loan, a “Senior Back Leverage Loan” evidence_url: https://www.sec.gov/Archives/edgar/data/886128/000155837023015262/0001558370-23-015262-index.htm - Debt Financings FUELCELL ENERGY INC incurred term loan of $12.0 million with Liberty Bank, Amalgamated Bank at 6.75%. - Instrument: term loan - Principal: $12.0 million - Counterparty: Liberty Bank, Amalgamated Bank - Rate: 6.75% - Event: incurrence source text: entered into: (i) a Credit Agreement (the “Senior Back Leverage Credit Agreement”) with, by and among Liberty Bank, in its capacities as a lender (“Liberty Lender”), administrative agent (the “Senior Administrative Agent”), and lead arranger, and Amalgamated Bank, in its capacity as a lender (“Amalgamated Lender” and, collectively with Liberty Lender, the “Senior Back Leverage Lenders”), for a term loan facility in an amount not to exceed an aggregate of $12.0 million evidence_url: https://www.sec.gov/Archives/edgar/data/886128/000155837023015262/0001558370-23-015262-index.htm - Debt Financings FUELCELL ENERGY INC incurred term loan of 50% of $12.0 million with Liberty Bank at 6.75%. - Instrument: term loan - Principal: 50% of $12.0 million - Counterparty: Liberty Bank - Rate: 6.75% - Event: incurrence source text: as a lender (“Amalgamated Lender” and, collectively with Liberty Lender, the “Senior Back Leverage Lenders”), for a term loan facility in an amount not to exceed an aggregate of $12.0 million to be provided 50% by Liberty Lender and 50% by Amalgamated Lender (such facility, the “Senior Back Leverage Loan Facility,” each such term loan, a “Senior Back Leverage Loan” evidence_url: https://www.sec.gov/Archives/edgar/data/886128/000155837023015262/0001558370-23-015262-index.htm - Debt Financings FUELCELL ENERGY INC incurred term loan of $8.0 million with Connecticut Green Bank. - Instrument: term loan - Principal: $8.0 million - Counterparty: Connecticut Green Bank - Event: incurrence source text: (ii) a Credit Agreement (the “Subordinated Back Leverage Credit Agreement”) with Connecticut Green Bank, as administrative agent (the “Subordinated Administrative Agent”) and lender (“Subordinated Back Leverage Lender”), for a term loan facility in an amount not to exceed $8.0 million evidence_url: https://www.sec.gov/Archives/edgar/data/886128/000155837023015262/0001558370-23-015262-index.htm - Material Agreements FUELCELL ENERGY INC entered into Subordinated Back Leverage Credit Agreement with Connecticut Green Bank valued at Term loan facility in an amount not to exceed $8.0 million (effective 2023-08-18). - Action: entry - Agreement: credit facility - Counterparty: Connecticut Green Bank - Value: Term loan facility in an amount not to exceed $8.0 million - Effective: 2023-08-18 source text: and (ii) a Credit Agreement (the “Subordinated Back Leverage Credit Agreement”) with Connecticut Green Bank, as administrative agent (the “Subordinated Administrative Agent”) and lender (“Subordinated Back Leverage Lender”), for a term loan facility in an amount not to exceed $8.0 million (such facility, the “Subordinated Back Leverage Loan Facility” and such term loan, the “Subordinated Back Leverage Loan”). evidence_url: https://www.sec.gov/Archives/edgar/data/886128/000155837023015262/0001558370-23-015262-index.htm - Material Agreements FUELCELL ENERGY INC terminated Loan Agreement with Connecticut Green Bank with Connecticut Green Bank valued at Payment of $3.0 million in full satisfaction of all outstanding obligations (effective 2023-08-18). - Action: termination - Agreement: credit facility - Counterparty: Connecticut Green Bank - Value: Payment of $3.0 million in full satisfaction of all outstanding obligations - Effective: 2023-08-18 source text: pay approximately $3.0 million to Connecticut Green Bank, which represented payment, in full, of all outstanding obligations under the Company’s loan agreement with Connecticut Green Bank (which is discussed in additional detail in Item 1.02 of this Current Report on Form 8-K). evidence_url: https://www.sec.gov/Archives/edgar/data/886128/000155837023015262/0001558370-23-015262-index.htm - Material Agreements FUELCELL ENERGY INC entered into Senior Back Leverage Credit Agreement with Liberty Bank and Amalgamated Bank valued at Term loan facility in an amount not to exceed $12.0 million (effective 2023-08-18). - Action: entry - Agreement: credit facility - Counterparty: Liberty Bank and Amalgamated Bank - Value: Term loan facility in an amount not to exceed $12.0 million - Effective: 2023-08-18 source text: On August 18, 2023, FuelCell Energy Finance Holdco, LLC (“Borrower”), a wholly owned subsidiary of FuelCell Energy Finance, LLC (“FCEF”), which, in turn, is a wholly owned subsidiary of FuelCell Energy, Inc. (the “Company”), entered into: (i) a Credit Agreement (the “Senior Back Leverage Credit Agreement”) with, by and among Liberty Bank, in its capacities as a lender (“Liberty Lender”), administrative agent (the “Senior Administrative Agent”), and lead arranger, and Amalgamated Bank, in its capacity as a lender (“Amalgamated Lender” and, collectively with Liberty Lender, the “Senior Back Leverage Lenders”), for a term loan facility in an amount not to exceed an aggregate of $12.0 million to be provided 50% by Liberty Lender and 50% by Amalgamated Lender (such facility, the “Senior Back Leverage Loan Facility,” each such term loan, a “Senior Back Leverage Loan” and such term loans together, the “Senior Back Leverage Loans”); evidence_url: https://www.sec.gov/Archives/edgar/data/886128/000155837023015262/0001558370-23-015262-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.