FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Articles / Read Article

Print

Woodforest National Bank Agents $195MM Credit Facility for Via Renewables

Date: Jul 06, 2022 @ 07:36 AM
Filed Under: Energy Services

Via Renewables, an independent retail energy services company, closed a new three-year $195.0 million senior secured borrowing base credit facility to replace its existing senior secured credit facility. Woodforest National Bank is the Administrative Agent, and acted as the Sole Bookrunner and Syndication Agent. Woodforest National Bank and BOKF (d/b/a Bank of Texas) acted as Joint Lead Arrangers.

The Senior Credit Facility, which includes a $55 million accordion, replaces the Company's current $227.5 million credit facility, which was set to mature October 2023. The Senior Credit Facility provides for working capital loans, acquisition loans, swingline loans and letters of credit.

"The successful closing of this facility demonstrates our continued proactive approach to managing our balance sheet. This agreement positions us to execute on our strategic initiatives, invest in our growth opportunities, and continue our disciplined pursuit of acquisitions that can accelerate our growth," said Keith Maxwell, Via Renewables' President and Chief Executive Officer. "We want to thank our lenders for their continued commitment to Via Renewables' success."

"We appreciate Woodforest National Bank and Bank of Texas's leadership in helping us to close this new credit facility," said Mike Barajas, Via Renewables' Chief Financial Officer. "Via Renewables' new facility allows for increased operating flexibility through less restrictive financial covenants and provides us with a very competitive, long-term capital structure to generate value for our shareholders in 2022 and beyond."

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.