Turnkey LED Lighting Systems and Controls Provider Orion Secures Expanded $25M Revolving Credit Facility with Bank of America, N.A.
Orion Energy Systems (NASDAQ: OESX) has secured a new five-year revolving credit facility worth $25 million with Bank of America, which replaces its previous $20.15 million credit line with Western Alliance Bank. This new facility provides a 25% increase in financing capacity and improved terms, aimed at supporting the company's growth and liquidity needs. As of the closing date, no amounts have been drawn against the line of credit, which is secured by a first lien on the company’s assets.
- Secured a new five-year $25 million revolving credit facility, replacing a $20.15 million facility.
- 25% increase in total financing capacity and expanded borrowing base.
- Improved terms and flexibility of the new facility to support growth.
- None.
MANITOWOC, Wis., Jan. 05, 2021 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), is a provider of LED lighting systems and turnkey project implementation, including installation and commissioning of fixtures, controls and IoT capabilities, ongoing system maintenance and program management. Orion today announced it entered into a new and expanded five-year
The facility is subject to a borrowing base requirement based on eligible receivables, inventory and cash and is secured by a first lien security interest in substantially all of the Company’s assets. As of the closing date, Orion’s borrowing base supports full availability of the credit facility. However, no amounts are currently borrowed against the facility.
Per Brodin, Orion’s CFO, commented, “Orion’s new credit facility, which provides a
About Orion Energy Systems
Orion is a provider of LED lighting systems and turnkey project implementation, including installation and commissioning of fixtures, controls and IoT solutions, as well as ongoing system maintenance and program management, helping customers to enhance the efficiency of their business while reducing their carbon footprint. Orion systems utilize patented design elements to deliver industry-leading energy efficiency, enhanced optical and thermal performance and ease of installation, providing long-term financial, environmental, and workspace benefits to a diverse customer base, including nearly
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Twitter: @OrionLighting and @OrionLightingIR
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| Investor Relations Contacts: | ||
| Per Brodin, CFO | William Jones; David Collins | |
| Orion Energy Systems, Inc. | Catalyst IR | |
| pbrodin@oesx.com | (212) 924-9800 | |
| oesx@catalyst-ir.com | ||
