PowerSecure lines up $45M in debt financing
Wake Forest, N.C. —
PowerSecure isn’t drawing from its loans with CitiBank and BB&T right now. But the Wake Forest-based company said that it has amended its agreements with the lenders to extend an existing $20 million revolving debt facility through 2016. In addition to that, PowerSecure has added a new $25 million loan with a seven year term.
The availability of low interest rates drove PowerSecure to make the changes. The company said it plans to swap interest rates to get a fixed rate, estimated to be between 3.7 and 3.9 percent, on the $25 million loan.
“Our strong performance has provided us the opportunity to capitalize on the historically low rates in the debt markets, substantially lowering our overall cost of capital and providing additional flexibility to accelerate the growth of our company-owned distributed generation assets,” PowerSecure CEO Sidney Hinton said in a statement.
PowerSecure provides businesses and institutions with technologies, including smart grid capabilities, that help them manage energy usage. Its customers include electric utilities, large industrial users and retailers. While the company has grown organically, it has also diversified and added customers by acquiring businesses in areas such as LED lighting technology.
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