OPAL Fuels Inc. (OPAL): debt financing — OPAL Fuels closes $500M senior secured credit facility; revises FY2023 capex down to $175-195M

OPAL Fuels Inc.

New $500M credit facility includes $450M term loans (initial + delayed draw) and $50M revolver; matures in 5 years.
Proceeds used to refinance ~$87.6M existing debt, repay $15.7M preferred returns and $30.1M ARCC Beacon note, fund RNG construction.
After closing, expects ~$300M available for development and construction capex.
FY2023 capex guidance reduced from $220-240M to $175-195M due to construction delays and permit timing.
Interest rate: Term SOFR + 3.5% initially, increasing 0.25% p.a.; covenants: DSCR ≥1.2x, leverage ≤4.5x (then 4.0x).

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

OPAL Fuels Inc. incurred credit facility of $500 million with Bank of America, N.A., as administrative agent at Term SOFR plus 3.5%, increasing by 0.25% per annum during the term maturing five-year anniversary of the closing date.

Instrument: credit facility
Principal: $500 million
Counterparty: Bank of America, N.A., as administrative agent
Rate: Term SOFR plus 3.5%, increasing by 0.25% per annum during the term
Maturity: five-year anniversary of the closing date
Event: incurrence

Exact text from the filing

On September 1, 2023, Opal Fuels Intermediate HoldCo LLC (“ Intermediate HoldCo ” or the “ Borrower ”)), an indirect wholly-owned subsidiary of OPAL Fuels Inc. (the “ Company ”) entered into a new $500 million senior secured credit facility (the “ Credit Facility ”) pursuant to a Credit and Guarantee Agreement (the “ Credit Agreement ”) with Intermediate HoldCo as the Borrower, direct and indirect subsidiaries of the Borrower as guarantors (the “ Guarantors ”), the lenders party thereto, as lenders, Apterra Infrastructure Capital LLC, Barclays Bank PLC, BofA Securities, Inc., Celtic Bank Corporation, Citibank, N.A., JP Morgan Chase Bank, N.A. Investec Inc. and ICBC Standard Bank PLC, as joint lead arrangers, and Bank of America, N.A., as administrative agent.

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Source: SEC EDGAR

accession 0001842279-23-000077

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