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Altus Power borrows $204 million at rate of 5.62%, closes acquisition
By Mary-Katherine Stinson
Lexington, Ky., Feb. 16 – Altus Power Inc., through subsidiaries APA Finance III Borrower, LLC as the borrower and APA Finance III Borrower Holdings, LLC as the equity holder, entered a new long-term funding facility on Feb. 15, according to an 8-K filing with the Securities and Exchange Commission.
The new facility provides for a term loan of $204 million at a fixed rate of 5.62% while amounts are outstanding.
The term loan has an anticipated repayment date of June 30, 2033 with a maturity date of Oct. 31, 2047.
The term loan amortizes at a rate of 2.5% of initial outstanding principal annually until the anticipated repayment date.
Upon lender approval, APA Finance III has the right to increase the funding facility to make additional draws for certain acquisitions of solar assets that satisfy certain criteria.
The loan can be refinanced without penalty after three years.
U.S. Bank Trust Co., NA is the administrative agent and the collateral agent.
U.S. Bank NA is the document custodian.
Altus Power said it closed on Feb. 15 through its wholly-owned subsidiary, APA Finance III, LLC, on its previously announced purchase of approximately 220 megawatts of solar assets of True Green Capital Fund III, LP through acquisitions of the membership interests of APAF III Operating, LLC for a base purchase price of approximately $293 million subject to customary working capital adjustments.
Altus Power borrowed $193 million from this new facility to fund the True Green II acquisition and associated costs and expenses with the remainder funded with cash.
Altus expects to borrow the remaining $11 million on the completion of development assets of the acquisition when they are placed in service.
Altus Power is a Stamford, Conn.-based developer, owner and operator of commercial-scale solar facilities.
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