Ameresco, Inc. has announced the successful securing of a $100 million second lien debt financing with Nuveen Energy Infrastructure Credit. This move aims to strengthen the company's balance sheet and provide flexibility for future growth. The competitive interest rate and long tenor of the financing support Ameresco's efforts to invest in assets from its development pipeline and explore opportunistic acquisitions.
The financing is leverage-neutral for the quarter ended June 30, 2024, as the net proceeds were used to pay off the remaining balance of the company’s delayed draw term loan A, with the remaining funds being applied to reduce the outstanding balance on the company's senior secured revolving credit facility.
This strategic financial move underscores Ameresco’s commitment to grow its business and provides balance sheet stability on attractive terms. The company continues to invest in assets from its development pipeline as well as explore opportunistic acquisitions, seeking to enhance shareholder value through investment returns that exceed its cost of capital.
Ameresco has successfully completed energy-saving, environmentally responsible projects with federal, state and local governments, utilities, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. Today the company's shares have moved -9.8% to a price of $26.0. Check out the company's full 8-K submission here.
