Spruce Power closes $130M non-recourse debt facility refinancing SP4 loan

SPRUCE POWER HOLDING CORP

Credit Agreement with Barings for $130M at 6.889%, maturing April 2042; Anticipated Repayment Date Dec 2027.
Refinances $125M SP4 Facility; net injection of over $6M after fees and swap termination.
Collateral includes cash flows from >22,000 solar contracts, 69% advance rate; facility rated A+ by Kroll.
Majority of PPAs variable-rate indexed to California retail electric rates; expects continued strong performance.
Quarterly interest payments begin August 2024; borrower is wholly owned subsidiary Spruce SET Borrower 2024, LLC.

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