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Arosa Capital Management Provides $6.1MM Loan to Workhorse Group

July 11, 2018, 08:00 AM
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Workhorse Group Inc., an American technology company focused on providing sustainable and cost-effective electric mobility solutions to the transportation sector, has entered into and closed an agreement for a $6.1 million term loan. The loan is being provided by a fund managed by Arosa Capital Management, an alternative investment manager focused on the energy sector.

Workhorse utilized the loan proceeds principally to satisfy repayment of the senior secured notes incurred in December 2017 as well as other debt associated with the acquisition of its Loveland, Ohio facility.

The maturity date of the loan is July 6, 2019.  An interest rate of 8% per annum is payable in quarterly installments commencing October 6, 2018. The Company may pre-pay the loan at any time with three days written notice.

"This financing provides us with both the time and flexibility to appropriately address our capital needs," said Workhorse CEO Steve Burns. "We greatly value our relationship with Arosa Capital Management, and the fact that we were able to secure this loan with an established and existing investor like them represents a continued vote of support as well as the best current solution in order to maximize the return for our shareholders in the long run."

Till Bechtolsheimer, CEO of Arosa Capital Management, added: "We are committed to the success of Workhorse and are excited about the opportunity to support the company in additional ways to help them accomplish their mission. The electrification of both fleet vehicles and aircraft present a significant growth opportunity.  We are looking forward to our continued partnership with the Workhorse team."

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