Turnkey LED Lighting Systems and Controls Provider Orion Secures Expanded $25M Revolving Credit Facility with Bank of America, N.A.
The facility is subject to a borrowing base requirement based on eligible receivables, inventory and cash and is secured by a first lien security interest in substantially all of the Company’s assets. As of the closing date, Orion’s borrowing base supports full availability of the credit facility. However, no amounts are currently borrowed against the facility.
Per Brodin, Orion’s CFO, commented, “Orion’s new credit facility, which provides a 25% increase in total financing capacity and a more expansive borrowing base, as well as improved terms and flexibility, is intended to better support the Company’s anticipated growth and liquidity needs. We are thankful for the support
Orion is a provider of LED lighting systems and turnkey project implementation, including installation and commissioning of fixtures, controls and IoT solutions, as well as ongoing system maintenance and program management, helping customers to enhance the efficiency of their business while reducing their carbon footprint. Orion systems utilize patented design elements to deliver industry-leading energy efficiency, enhanced optical and thermal performance and ease of installation, providing long-term financial, environmental, and workspace benefits to a diverse customer base, including nearly 40% of the Fortune 500.
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|Investor Relations Contacts:
|Per Brodin, CFO|
Source: Orion Energy Systems, Inc.