Energy, Inc. (NASDAQ:ENPH), a global energy technology company,
today announced it has signed an extended asset-based credit facility
with Wells Fargo Capital Finance. This new credit facility replaces a
$50 million facility with Wells Fargo Capital Finance, extending the
commitment period through November 7, 2019 to provide borrowing capacity
and financial flexibility to support Enphase’s growth objectives. The
new facility provides $50 million in committed working capital
financing, and further provides for an uncommitted $25 million accordion
feature pursuant to which Enphase may elect to extend the credit
facility to provide for up to $75 million of borrowing capacity subject
to the satisfaction of certain conditions.
"This extended working capital facility with Wells Fargo will provide us
with the financial flexibility to execute on our growth strategy,” said
Kris Sennesael, CFO of Enphase. “We appreciate the commitment and
support from Wells Fargo to be a strategic partner with Enphase by
providing us with an extended credit facility with lower interest rates
and more attractive terms."
Additional details regarding this transaction will be reported in a Form
8-K filed by Enphase Energy with the Security and Exchange Commission on
December 22, 2015.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company, is leading the
charge to bring smart, connected solar energy to every home, business
and community. The company delivers simple, innovative and reliable
energy management solutions that advance the worldwide potential of
renewable energy. Enphase has shipped approximately 10 million
microinverters, and over 370,000 Enphase residential and commercial
systems have been deployed in more than 95 countries. Join Enphase on Linked
In and Twitter
and visit www.enphase.com
for more information.
Enphase Energy®, the Enphase logo and other trademarks or service names
are the trademarks of Enphase Energy, Inc.
This press release may contain forward-looking statements, including
statements related to Enphase Energy's financial performance, credit
availability, need for financing, market demands for its products, and
advantages of its technology and market trends. These forward-looking
statements are based on the company's current expectations and
inherently involve significant risks and uncertainties. Actual results
and the timing of events could differ materially from those anticipated
in such forward-looking statements as a result of these risks and
uncertainties and other risks detailed in the "Risk Factors" and
elsewhere in Enphase Energy's latest Securities and Exchange Commission
filings and reports. Enphase Energy undertakes no duty or obligation to
update any forward-looking statements contained in this release as a
result of new information, future events or changes in its expectations.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151222005200/en/
Copyright Business Wire 2015
Source: Business Wire
(December 22, 2015 - 9:00 AM EST)
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