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Citibank, BB&T Provide $25MM Facility to Power Secure

June 20, 2013, 07:11 AM
Filed Under: Energy
Related: BB&T, Citibank

PowerSecure International announced it has secured a new $25 million, seven year term debt facility. The facility is backed by Citibank and BB&T.

The company plans to execute interest rate swaps to achieve a fixed interest rate, which it estimates will be in the 3.7 to 3.9 percent range given current market rates, on a majority of the term facility’s principal amount. In addition, the company has extended its existing $20 million revolving debt facility through 2016. There is currently nothing drawn on this revolver.

These actions provide the company with up to $45 million of low-cost, long-term debt capacity to support its growth and future investments in company-owned distributed generation systems, additional utility services equipment, potential acquisitions and working capital.

“Our strong performance has provided us the opportunity to capitalize on the historically low rates in the debt markets, substantially lowering our overall cost of capital and providing additional flexibility to accelerate the growth of our company-owned distributed generation assets,” said Sidney Hinton, chief executive officer of PowerSecure.

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