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Royal Bank of Canada Completes $70MM Credit Agreement for Evolve Transition Infrastructure

August 24, 2021, 07:42 AM
Filed Under: infrastructure

Evolve Transition Infrastructure executed the previously announced amendment to its credit agreement with the Royal Bank of Canada ("RBC"). The amended credit agreement provides Evolve with a $65 million term loan facility and a $5 million revolving credit facility, with RBC providing the entire principal amounts of both facilities. The amended credit agreement has a maturity date of September 30, 2023 and provides Evolve with increased flexibility to pursue the expansion of its strategic pivot towards energy transition investments and a more favorable amortization profile.

Evolve CFO, Chuck Ward, commented, "We are very pleased with the support we received from RBC in amending our current credit agreement to provide, among other things, the extended maturity date and the new term and revolving credit facilities. The execution of this amended credit agreement represents the completion of an important milestone in our business strategy shift to focusing on the acquisition and development of infrastructure critical to the transition of energy supply to lower carbon sources".

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