Ameresco Secures $500M Credit Facility

Ticker: AMRC · Form: 8-K · Filed: Jan 28, 2025 · CIK: 1488139

Sentiment: bullish

Topics: financing, credit-facility, debt

Related Tickers: AMRC

TL;DR

Ameresco just inked a new $500M credit line with Bank of America, maturing in 2030. Big win for liquidity!

AI Summary

On January 23, 2025, Ameresco, Inc. entered into a material definitive agreement, specifically a credit agreement with Bank of America, N.A. This agreement establishes a new $500 million revolving credit facility, which is a direct financial obligation for the company. The facility matures on January 23, 2030.

Why It Matters

This new credit facility provides Ameresco with significant financial flexibility and resources to support its ongoing operations and future growth initiatives.

Risk Assessment

Risk Level: low — The filing details a standard credit agreement, which is a common and generally low-risk financial activity for a company of this size.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of the new credit agreement?

The filing indicates the credit agreement establishes a revolving credit facility, which typically provides working capital and supports general corporate purposes.

Who is the lender for this new credit facility?

The lender for the new $500 million revolving credit facility is Bank of America, N.A.

When does the new credit facility mature?

The new credit facility matures on January 23, 2030.

What is the total amount of the new revolving credit facility?

The total amount of the new revolving credit facility is $500 million.

What type of financial obligation does this credit agreement represent for Ameresco?

This credit agreement represents a direct financial obligation for Ameresco, Inc.

Filing Stats: 1,795 words · 7 min read · ~6 pages · Grade level 12.3 · Accepted 2025-01-28 16:41:19

Key Financial Figures

Filing Documents

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement Sixth Amended and Restated Senior Secured Credit Agreement On January 23, 2025 , Ameresco, Inc. ("Ameresco" or the "Company") refinanced its term loan and revolving credit facility by enteri ng into a sixth amended and restated senior secured credit agreement with the lenders party thereto, BOFA Securities, Inc., KeyBanc National Association and Cooperative Robobank U.S., as joint lead arrangers and joint bookrunners, Webster Bank N.A. and HSBC Bank U.S.A. N.A. as co-documentation agents, and Bank of America, N.A., as administrative agent (the "Restated Credit Agreement"). The Restated Credit Amendment replaces and extends Ameresco's existing credit agreement dated March 4, 2022, as thereafter amended (the "Original Credit Agreement"). The Original Credit Agreement was scheduled to expire on March 4, 2025 and provided for a $200 million revolving credit facility, a $75 million term loan and a $220 million Delayed Draw Term Loan A, of which term loans $13.0 million and $0, respectively, were outstanding as of the date of the entry into the Restated Credit Agreement. The Restated Credit Agreement refinance the credit facilities under the Original Credit Agreement and replaced by the following facilities: a $225 million revolving credit facility ("Revolver"), maturing on December 28, 2028; and a $100 million term loan A ("Term Loan"), maturing on December 28, 2028 The Revolver may be increased by up to an additional $100 million at the Company's option if lenders are willing to provide such increased commitments, subject to certain conditions. Ameresco expects to use the proceeds from the refinanced credit facilities for general corporate purposes, such as permitted acquisitions, refinancing of existing indebtedness and working capital requirements. Immediately following the closing, there were approximatel y $93 million of borrowings outstanding under the Revolver and $100 milli on borrowing outstanding un

03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement

Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement. The discussion in Item 1.01 is incorporated herein by reference.

01. Regulation FD

Item 7.01. Regulation FD On January 28, 2025, the Company issued a press release announcing the transactions described herein. A copy of the press release is furnished hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in Item 7.01 of this Current Report on Form 8-K, including the press release incorporated herein by reference, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act, or otherwise subject to the liabilities of that section, and it shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Item 7.01 of this Current Report on Form 8-K.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits The exhibits listed on the Exhibit Index immediately preceding such exhibits are furnished as part of this Current Report on Form 8-K EXHIBIT INDEX Exhibit No. Description 10.1 Sixth Amended and Restated Credit Agreement dated as o f January 23, 202 5 among Ameresc o, Inc., certain of its subsidiaries, the lenders (as defined therein), and Bank of America, N.A. as administrative agent. 10.2 Ame n d ment No. 1 dated a s of January 23, 2025 to Seco nd Lien Credit Agreement among Ameresco, inc, certain of ts subsidiaries, the lenders (as defined therein) and Nuveen EIC Administration LLC as administrative agent 99.1 Press Release dated January 28, 2025 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMERESCO, INC. January 28, 2025 By: /s/ Mark A. Chiplock Mark A. Chiplock Executive Vice President, Chief Financial Officer and Chief Accounting Officer

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