Greenbacker Renewable enters into $60M senior secured facility

New York-based Greenbacker Renewable Energy Co. said Wednesday it entered into a $60 million senior secured credit facility with Fifth Third Bank, which acted as sole lead arranger and bookrunner.

The initial drawdown on the facility was roughly $25.7 million, which was used to pay off existing loans with various financial institutions, as well as for funding future investments, Kallanish Energy learns.

“Entering into this credit agreement with Fifth Third Bank enhances a relationship that the company has had with Fifth Third Bank over the past few years,” stated Richard Butt, chief financial officer of of renewable energy owner-operator Greenbacker.

The facility, which allows for additional drawdowns through Dec. 31, matures on Jan. 5, 2024, and bears interest at a rate priced over LIBOR (London Interbank Offered Rate), is collateralized by assets, property and interests in property held by various company subsidiaries.

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