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Wells Fargo Agents $150MM Credit Facility for "Water-as-a-Service" Provider

August 07, 2017, 07:00 AM
Filed Under: Utilities

AquaVenture Holdings Limited, a provider of Water-as-a-Service™ (WAAS) solutions, announced that it has entered into a $150.0 million senior secured credit agreement with Deutsche Bank AG as the arranger and lender, and Wells Fargo Bank as the administrative agent. 

The new credit agreement provides for a four-year term, non-amortizing loan that bears interest at LIBOR plus 6.00% with a LIBOR floor of 1%.  Total loan proceeds are expected to be approximately $147 million, net of debt financing and origination fees, of which the Company will use approximately $100 million to repay in full the outstanding principal on its existing Trinidad, USVI, Curacao and Quench loans.  The remaining proceeds are expected to be used for general corporate purposes, including acquisition and project development opportunities, and working capital needs.

"We are excited about the completion of this financing which supports our goals of optimizing, extending and expanding our capital structure," said Lee Muller, AquaVenture's Chief Financial Officer. "In addition to decreasing our weighted average cost of debt, we structured a loan facility that has the flexibility to accommodate our growth objectives."
 







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