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Fluence Energy replaces revolver with larger $400 million ABL facility
By Marisa Wong
Los Angeles, Nov. 27 – Fluence Energy, Inc. entered into a $400 million four-year asset-based revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.
Initial pricing on the revolver is SOFR+10 basis points CSA plus 225 bps with a 0% floor. Pricing can range from SOFR+CSA plus 200 bps to 250 bps, based on average excess availability.
The revolver has a commitment fee that can range from 37.5 bps to 45 bps, based on utilization. The initial commitment fee is 45 bps.
Security is a first priority pledge of Fluence Energy, Inc.’s equity interests in Fluence Energy, LLC and first priority security interests in, and mortgages on, substantially all tangible and intangible personal property and material fee-owned real property of the company, Fluence Energy, LLC and Fluence Energy Global Production Operation, LLC, subject to customary exceptions and limitations.
Barclays and JPMorgan Chase Bank acted as the joint lead arrangers and bookrunners on the revolver. Barclays is the administrative agent.
Proceeds were used to replace an existing $200 million revolver, which was terminated on Monday.
The company believes the transition from the revolver to the larger ABL facility will improve its ability to manage working capital, significantly enhancing its already strong liquidity position, a news release said.
Furthermore, the ABL facility provides a more flexible solution to enhance control over inventory-related financing, the release added.
Arlington, Va.-based Fluence provides energy storage products and services and optimization software for renewables and storage.
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