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EnerNOC gets $70 million three-year revolver via Silicon Valley Bank
By Toni Weeks
San Luis Obispo, Calif., April 18 - EnerNOC, Inc. arranged a $70 million senior secured revolving credit facility due April 18, 2015 with Silicon Valley Bank as administrative agent, swingline lender, issuing lender, lead arranger and book manager, according to an 8-K filing with the Securities and Exchange Commission.
Borrowings will bear interest at Libor plus 200 basis points.
Under the agreement, the full amount is available for issuances of letters of credit, and up to $5 million is available for swingline loans, subject to continued covenant compliance.
The revolver may be increased from time to time, up to an aggregate amount of $100 million, depending on lender commitment or participation by new lenders.
In connection with the new revolver, EnerNOC and subsidiaries Cogent Energy, Inc., M2M Communications Corp. and Global Energy Partners, Inc. arranged a guarantee and collateral agreement that secures obligations under the credit agreement by all domestic assets of EnerNOC and some of its subsidiaries.
According to the filing, the company and its subsidiary, ENOC Securities Corp., also entered into a second amendment to their secured revolving credit facility dated March 14, 2012 with Silicon Valley Bank to extend the termination date to April 30, 2013 from April 15, 2013.
Upon the closing of the new $70 million credit facility on Thursday, EnerNOC and ENOC Securities terminated the 2012 credit facility without incurring any penalties.
Boston-based EnerNOC provides technology-enabled energy management solutions to commercial, institutional and industrial organizations.
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