Broadwind closes credit deal as it seeks to diversify

Wind turbine services and tower manufacturer Broadwind Energy says it has closed on a $20m credit facility, part of an initiative to diversify away from a cyclical US wind sector dependent on dwindling federal subsidies.

The three-year credit arrangement with AloStar Business Credit of Birmingham, Alabama, has an interest rate of 30-day LIBOR plus 4.25%, with a 1.0% LIBOR floor. Credit terms include financial and other covenants typical for loans secured by fixed and other assets, as well as eligible trade receivables and inventories.

Broadwind used proceeds of the new credit facility to refinance two existing credit facilities and certain other debt, as well as to pay fees and expenses related to it.

Company chief executive Peter Duprey calls the move a “significant milestone” that reflects Log in to read complete article.

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