Altus Power, Inc.: M&A transaction — Altus closes $293M acquisition of 220 MW solar portfolio, funded by $204M Blackstone loan at 5.62%

Altus Power, Inc.

Acquired ~220 MW of solar assets from True Green Capital Fund III; base purchase price ~$293M.
Financed with $204M term loan from Blackstone Structured Finance at fixed 5.62%; $193M drawn at close.
Loan matures Oct 2047, anticipated repayment June 2033; can refinance without penalty after 3 years.
Community solar now >20% of installed MW; NY joins top markets with >100 MW operating.
Remaining $11M will fund completion of 13 MW of assets under construction from the acquisition.

item 1.01 item 2.01 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

Altus Power, Inc. incurred term loan of $204 million with Blackstone Asset Based Finance Advisors LP at fixed rate of 5.62% maturing Anticipated Repayment Date of June 30, 2033; maturity date October 31, 2047.

Instrument: term loan
Principal: $204 million
Counterparty: Blackstone Asset Based Finance Advisors LP
Rate: fixed rate of 5.62%
Maturity: Anticipated Repayment Date of June 30, 2033; maturity date October 31, 2047
Event: incurrence

Exact text from the filing

Altus Power, Inc. (“Altus Power” or the “Company), through its subsidiaries, APA Finance III Borrower, LLC (the “Borrower”), and APA Finance III Borrower Holdings, LLC (“Holdings”) has entered into a new long-term funding facility under the terms of a Credit Agreement, dated as of February 15, 2023, among the Borrower, Holdings, Blackstone Asset Based Finance Advisors LP, which is an affiliate of the Company, U.S. Bank Trust Company, N.A., as administrative agent, U.S. Bank N.A., as document custodian, and the lenders party thereto (the “Credit Agreement”). This funding facility provides for a term loan of $ 204 million at a fixed rate of 5.62%, while amounts are outstanding under the term loan. The term loan has an anticipated repayment date of June 30, 2033 (“Anticipated Repayment Date”) . The maturity date of the term loan is October 31, 2047.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Altus Power, Inc. completed an acquisition involving True Green Capital Fund III, L.P. for approximately $293 million (closed 2023-02-15).

Action: acquisition
Counterparty: True Green Capital Fund III, L.P.
Consideration: approximately $293 million
Closing: 2023-02-15

Exact text from the filing

23, 2022 (the “Acquisition Agreement”), related to this transaction was originally announced on December 27, 2022. The base purchase price for these assets is approximately $293 million, subject to customary working capital adjustments. The base purchase price and associated costs and expenses was funded by $193 million from the Credit Agreement facility and the

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

Altus Power, Inc. entered into Credit Agreement with Blackstone Asset Based Finance Advisors LP valued at $204 million (effective 2023-02-15).

Action: entry
Agreement: credit facility
Counterparty: Blackstone Asset Based Finance Advisors LP
Value: $204 million
Effective: 2023-02-15

Exact text from the filing

Credit Agreement, dated as of February 15, 2023, among the Borrower, Holdings, Blackstone Asset Based Finance Advisors LP, which is an affiliate of the Company, U.S. Bank Trust Company, N.A., as administrative agent, U.S. Bank N.A., as document custodian, and the lenders party thereto (the “Credit Agreement”). This funding facility provides for a term loan of $ 204 million

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Source: SEC EDGAR

accession 0001828723-23-000034

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