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Broadwind Energy Closes $20MM ABL With The PrivateBank

October 27, 2016, 07:44 AM
Filed Under: Energy

Broadwind Energy, Inc. announced it has closed on a new three-year $20 million asset-based credit line with The PrivateBank. Under the terms of new credit line, Broadwind will have the ability to borrow up to $20 million against a borrowing base consisting of up to 85% of the face value of eligible accounts receivable of the Company, up to 50% of its book value of eligible inventory, and up to 50% of the appraised value of its eligible machinery, equipment and certain real property up to $10 million. Under this new credit facility, Broadwind may elect, with the lender’s consent, to increase the size of the commitment by an amount up to $5 million if it achieves minimum EBITDA of $7 million for fiscal year 2016. The new credit facility replaces the company’s previous credit facility with AloStar Bank of Commerce.

Broadwind CEO, Stephanie Kushner stated, “We are happy to cultivate this relationship with The PrivateBank. This new credit facility provides better terms and borrowing availability, as well as a lower borrowing cost, which will be important as we fund business expansions and consider strategic, bolt-on acquisitions.”

Broadwind Energy applies decades of deep industrial expertise to innovate integrated solutions for customers in the energy and infrastructure markets. From gears and gearing systems for wind, oil and gas and mining applications, to wind towers and industrial weldments, we have solutions for the energy needs of the future.

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