Shoals Technologies Group, Inc. Increases Revolving Credit Facility to $150 Million

Rhea-AI Summary

Shoals Technologies Group, Inc. (Nasdaq: SHLS) announced an upsized revolving credit facility from $100 million to $150 million, closing on May 2, 2022. This increase, facilitated by Wilmington Trust and JPMorgan Chase, aims to enhance financial flexibility for growth and strategic initiatives. CEO Jason Whitaker emphasized that this additional liquidity will support the company's ongoing business development. Shoals specializes in electrical balance of system solutions for solar, battery storage, and EV infrastructure, with its products significantly utilized in U.S. solar projects.

Positive

• Increased revolving credit facility by $50 million to $150 million.
• Enhanced financial flexibility to support growth and strategic initiatives.

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• None.

PORTLAND, Tenn., May 04, 2022 (GLOBE NEWSWIRE) --  Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (Nasdaq: SHLS), a leading provider of electrical balance of system (“EBOS”) solutions for solar, battery storage and electric vehicle charging infrastructure, today announced that it has increased the size of its existing revolving credit facility by $50 million to $150 million pursuant to a fifth amendment to its Credit Agreement with Wilmington Trust, National Association, as Term Loan Administrative Agent and Collateral Agent, JPMorgan Chase Bank, N.A., as Revolving Facility Administrative Agent, and each L/C Issuer and lender from time to time party thereto. The transaction closed on May 2, 2022.

“The upsized credit facility will provide additional financial flexibility to support our growth and strategic initiatives and optimize our balance sheet as we continue building our business,” said Jason Whitaker, Chief Executive Officer.

About Shoals Technologies Group, Inc.
Shoals Technologies Group, Inc. is a leading provider of electrical balance of system (“EBOS”) solutions for solar, battery storage and electric vehicle charging infrastructure. The Company’s mission is to provide innovative products that reduce the cost of installation while improving system performance, reliability and safety. At least one Shoals’ product was used on more than half of the solar energy projects installed in the U.S. in 2020. To learn more about Shoals, please visit the company's website at https://www.shoals.com.

Contacts
Investors:
Email: investors@shoals.com
Phone: 615-323-9836

Media:
Email: media@shoals.com

Forward-Looking Statements

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FAQ

What is the recent development for Shoals Technologies Group (SHLS)?

Shoals Technologies Group announced an increased revolving credit facility from $100 million to $150 million, closing on May 2, 2022.

How will the upsized credit facility benefit Shoals Technologies Group (SHLS)?

The upsized credit facility will provide additional financial flexibility to support growth and strategic initiatives.

Who are the lenders involved in Shoals Technologies Group's credit facility increase?

The lenders involved are Wilmington Trust as Term Loan Administrative Agent and JPMorgan Chase Bank as Revolving Facility Administrative Agent.

When did Shoals Technologies Group (SHLS) complete the transaction for the increased credit facility?

The transaction for the increased credit facility was completed on May 2, 2022.

What does Shoals Technologies Group specialize in?

Shoals Technologies Group specializes in electrical balance of system solutions for solar, battery storage, and electric vehicle charging infrastructure.