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Altus Power (NYSE: AMPS) announced on December 23, 2022, a refinancing and upsizing of its term loan facility with D.E. Shaw Renewable Investments (DESRI) to $141.3 million. The new financing includes approximately $125.7 million in a term loan and $15.6 million in letters of credit, secured at an effective fixed interest rate of 4.885% for five years. This agreement aims to ensure long-term financing for Altus Power's new assets while demonstrating its access to diverse capital sources.
Positive
Secured long-term financing at an attractive fixed rate of 4.885%.
Upsized facility to reflect the contracted cash flow profile of assets.
Demonstrated access to multiple sources of capital.
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None.
New agreement refinances and upsizes assumed DESRI facility up to $141.3 millionat an effective fixed rate of 4.885% for five years
STAMFORD, Conn.--(BUSINESS WIRE)--
Altus Power, Inc. (“Altus Power” or the “Company”) (NYSE: AMPS), the premier independent developer, owner and operator of commercial-scale solar facilities, announced that on December 23, 2022, it refinanced and upsized the term loan facility assumed with the recently executed D.E. Shaw Renewable Investments (DESRI) portfolio. The principal amount of the facility was upsized to $141.3 million consisting of a term loan facility for approximately $125.7 million and letters of credit for approximately $15.6 million. The financing agreement includes an interest rate swap which provides for an effective fixed rate of 4.885% for a term of five years.
“This agreement secures long-term financing for our new assets from DESRI at an attractive fixed rate while also increasing the facility size to reflect the contracted cash flow profile of the assets,” commented Dustin Weber, CFO of Altus Power. “With the addition of this facility, we continue to demonstrate access to multiple sources of capital.”
The lenders for the term loan are KeyBanc Capital Markets Inc., KeyBank National Association, and Huntington National Bank.
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the premier independent commercial-scale clean electrification company serving commercial, industrial, public sector and community solar customers with end-to-end solutions. Altus Power originates, develops, owns and operates locally-sited solar generation, energy storage and charging infrastructure across the nation. Visit www.altuspower.com to learn more.
What is the significance of Altus Power's refinancing agreement?
The refinancing agreement allows Altus Power to secure long-term financing for its assets at a fixed rate of 4.885%, enhancing its capital structure and financial stability.
How much has Altus Power increased its loan facility with DESRI?
Altus Power has upsized its loan facility to $141.3 million, consisting of approximately $125.7 million in a term loan and $15.6 million in letters of credit.
What is the duration of the interest fixed rate in the new agreement?
The effective fixed interest rate of 4.885% is locked in for a term of five years.
Who are the lenders involved in Altus Power's new term loan facility?
The lenders for the term loan facility are KeyBanc Capital Markets Inc., KeyBank National Association, and Huntington National Bank.
