Broadwind Energy Closes $20M Credit Facility
Broadwind Energy, Inc. (NASDAQ: BWEN) today announced it has closed on a $20 million credit facility with AloStar Business Credit of Birmingham, Alabama. Under the terms of the credit arrangement, Broadwind will have access to up to $20 million based on a borrowing base secured by eligible trade receivables and inventories. The credit facility has a three-year term, with an interest rate of 30-day LIBOR plus 4.25%, with a 1.0% LIBOR floor. The terms of the credit facility include financial and other covenants typical for asset-based loans of this kind. The loan is also secured by certain of the Company's fixed and other assets.
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