eEnergy Group plc – Debt refinancing with Silicon Valley Bank
eEnergy (AIM: EAAS), a leading Energy Efficiency-as-a-Service and Energy Management-as-a-Service business in the UK and Ireland, today announces it has entered into a new revolving credit facility, replacing all existing borrowing facilities, with Silicon Valley Bank.
Silicon Valley Bank, a financial partner to the world’s leading innovative growth businesses and their investors, has provided a revolving credit facility of £5m over three years, with potential for additional capital facilities as eEnergy delivers on its growth plan in the future.
eEnergy has refinanced £3.1m of existing Group borrowings and expects to draw down a further £1m to cover part of the deferred consideration payment to the vendors of UtilityTeam.
The new facility givesthe Company enhanced liquidity, more flexible financing, and a strong partner to help support its growth strategy. Whilst the blended cost of the finance will be significantly lower than the refinanced facilities, the Board’s earnings expectations are unchanged for the current financial year.
Harvey Sinclair, CEO, eEnergy said: “This transaction with a top-tier growth investor demonstrates the strength of eEnergy’s proposition. We are delighted to be partnering with Silicon Valley Bank to continue to execute eEnergy’s growth vision and strategy.”
Thomas Easterby, director Technology Banking, Silicon Valley Bank said: “SVB are delighted to be able to provide eEnergy with financing to support their growth ambitions. The team have made fantastic acquisitions and have built an impressive suite of products to disrupt how companies address energy efficiency. We’re excited to be part of their journey.”