BROOKLYN, NY--(Marketwired - Sep 29, 2015) - Great Eastern Energy (GEE), a supplier of natural gas, electricity and energy solutions in the Northeast, is pleased to announce the completion of a credit support and financing arrangement with Macquarie Group Limited (Macquarie).
Matthew Lanfear, CEO states, "We are very pleased to have closed this important funding arrangement. The credit facility will help support our ongoing operations and help us continue servicing the unprecedented [customer/user/volume] growth we have been experiencing. Macquarie's understanding of US energy markets and our business provides us with a capital solution that supports our ever increasing customer base by giving us the resources to continue offering first class service and solutions when it comes to their energy needs."
Prashant Mupparapu, Sr. Managing Director at Macquarie states, "We are pleased to be working with GEE. This arrangement provides a financing solution specific to the strategic and industry needs of GEE."
While details of the deal have not been fully disclosed, the agreement provides working capital to help support GEE ongoing credit needs. GEE believes that the facility will allow it to continue its hedging strategies in both power and gas, energy solution programs and future acquisition plans. The original deal term is for three years, with a two-year option to renew.
About Great Eastern Energy:
Great Eastern Energy (GEE) is a supplier of natural gas, electricity and energy solutions in the Northeast. We help businesses and property owners thrive by controlling energy costs and increasing their bottom-line. Our mission is to empower people with the knowledge they need to make better energy decisions. We are at the forefront of the sustainability movement and are focused on promoting positive energy behaviors and reducing consumption. For more information, please visit our website: http://www.greateasternenergy.com/
(September 29, 2015 - 9:01 AM EDT)
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