iPower Renews Credit Facility with JPMorgan Chase
iPower has renewed its secured revolving credit facility with JPMorgan Chase, extending the maturity to November 2027. The new facility provides a $15.0 million revolving commitment with an accordion feature allowing potential increase up to $40.0 million. The interest rate will be based on SOFR plus 2.25% - 2.50%. The company views this renewal as validation of their strategy and expects it to support their growth initiatives, particularly in their SuperSuite supply chain business.
iPower ha rinnovato la sua linea di credito revolving garantita con JPMorgan Chase, estendendo la scadenza a novembre 2027. La nuova linea offre un impegno revolving di 15,0 milioni di dollari con una funzionalità accordion che consente un possibile aumento fino a 40,0 milioni di dollari. Il tasso d'interesse sarà basato su SOFR più 2,25% - 2,50%. L'azienda considera questo rinnovo come una convalida della propria strategia e si aspetta che supporti le loro iniziative di crescita, in particolare nel settore della supply chain di SuperSuite.
iPower ha renovado su línea de crédito revolving garantizada con JPMorgan Chase, extendiendo el vencimiento a noviembre de 2027. La nueva línea proporciona un compromiso revolving de 15.0 millones de dólares con una característica de acordeón que permite un aumento potencial de hasta 40.0 millones de dólares. La tasa de interés se basará en SOFR más 2.25% - 2.50%. La compañía ve esta renovación como una validación de su estrategia y espera que apoye sus iniciativas de crecimiento, particularmente en su negocio de cadena de suministro SuperSuite.
iPower는 JPMorgan Chase와의 보장된 회전 신용 한도를 갱신하여 만기를 2027년 11월로 연장했습니다. 새로운 한도는 1500만 달러의 회전 약정과 함께 4000만 달러까지의 잠재적 증가를 허용하는 어코디언 기능을 제공합니다. 이자율은 SOFR에 2.25% - 2.50%를 더한 것이 될 것입니다. 회사는 이 갱신이 자신들의 전략을 검증하는 것으로 보고 있으며, 특히 SuperSuite 공급망 사업에서의 성장 이니셔티브를 지원할 것으로 기대하고 있습니다.
iPower a renouvelé sa facilité de crédit revolving sécurisée avec JPMorgan Chase, prolongeant l'échéance jusqu'à novembre 2027. La nouvelle facilité offre un engagement revolving de 15,0 millions de dollars avec une fonctionnalité accordéon permettant une augmentation potentielle jusqu'à 40,0 millions de dollars. Le taux d'intérêt sera basé sur le SOFR plus 2,25 % - 2,50 %. L'entreprise considère ce renouvellement comme une validation de sa stratégie et s'attend à ce qu'il soutienne ses initiatives de croissance, notamment dans son activité de chaîne d'approvisionnement SuperSuite.
iPower hat seine gesicherte revolvierende Kreditfazilität bei JPMorgan Chase erneuert und die Laufzeit bis November 2027 verlängert. Die neue Fazilität bietet ein revolvierendes Commitment von 15,0 Millionen Dollar mit einer Accordion-Funktion, die eine potenzielle Erhöhung auf bis zu 40,0 Millionen Dollar ermöglicht. Der Zinssatz wird auf SOFR plus 2,25% - 2,50% basieren. Das Unternehmen betrachtet diese Erneuerung als Bestätigung seiner Strategie und erwartet, dass sie seine Wachstumsinitiativen unterstützt, insbesondere im Bereich der SuperSuite-Lieferkette.
- Secured $15M revolving credit facility with potential expansion to $40M
- Extended credit facility maturity by three years to 2027
- Partnership with major financial institution JPMorgan Chase demonstrates credibility
- Interest rate spread of SOFR plus 2.25-2.50% could impact borrowing costs
Insights
The credit facility renewal with JPMorgan Chase marks a significant development for iPower's financial flexibility. The
The three-year extension to 2027 offers extended runway for strategic initiatives, particularly beneficial for the growing SuperSuite supply chain business. The accordion feature is particularly valuable, allowing for additional borrowing capacity without the need for new facility negotiations. This financial arrangement strengthens iPower's working capital position and provides a stable foundation for executing growth strategies.
RANCHO CUCAMONGA, Calif., Nov. 13, 2024 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven ecommerce services provider and online retailer, today announced the renewal of its secured revolving credit facility with JPMorgan Chase, extending the maturity by three years to November 2027.
The new facility has a revolving commitment of
“We are pleased to renew our credit facility with a leading institution like JPMorgan Chase, which underscores their confidence in our strategy and long-term vision,” said Lawrence Tan, CEO of iPower. “This new facility is an essential component of our capital structure as it provides us with the flexibility to fund our growth and advance our strategic initiatives. With a strengthened balance sheet, continued growth in our SuperSuite supply chain business, and optimized cost structure, we believe we are well positioned to deliver on our goals ahead.”
About iPower Inc.
iPower Inc. is a tech and data-driven online retailer, as well as a provider of value-added ecommerce services for third-party products and brands. iPower's capabilities include a full spectrum of online channels, robust fulfillment capacity, a network of warehouses serving the U.S., competitive last mile delivery partners and a differentiated business intelligence platform. iPower believes that these capabilities will enable it to efficiently move a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower's website at www.meetipower.com.
Forward-Looking Statements
All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. iPower undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although iPower believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and iPower cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results and performance in iPower's Annual Report on Form 10-K, as filed with the SEC on September 19, 2024, its Quarterly Reports on Form 10-Q, as filed with the SEC on November 15, 2023, February 14, 2024 and May 14, 2024, and in its other SEC filings.
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
IPW@elevate-ir.com
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