Spruce Power Holding (NYSE:SPRU) has announced that certain of its subsidiaries have closed on a $130M non-recourse debt facility provided by Barings.
The New Debt Facility refinances the Company’s term loan of $125M and provides for a net injection of incremental capital.
This transaction achieves a favorable balance of capitalizing on the Co.’s strong asset performance and retention of asset level cash flows for its shareholders.
The $130M New Debt Facility was rated A+ by Kroll and priced at a fixed loan rate of 6.889%. The initial balance of the New Debt Facility represents a 69% advance rate of ADSAB.
The refinancing transaction provides for an injection of incremental capital into the Co. of over $6M, net of fees and inclusive of positive value realized in the simultaneous termination of interest rate swaps underlying the SP4 Facility.