Loan & DebtMay 8, 2026, 04:08 PM
Via Renewables Secures $300M Senior Credit Facility
AI Summary
Via Renewables, Inc. and Spark Holdco, LLC (Co-Borrowers) entered into a new $300.0 million Senior Secured Revolving Credit Facility with Bank OZK as administrative agent, expiring on May 6, 2029. This facility provides working capital, funds acquisitions, and supports letters of credit, with interest rates tied to Base Rate or Term SOFR plus applicable margins. Concurrently, the company issued a $25.0 million Subordinated Promissory Note to Retailco, LLC, maturing on November 6, 2029, bearing interest at WSJ Prime + 2% per annum, with an option for pay-in-kind interest.
Key Highlights
- Via Renewables secured a new $300.0M Senior Secured Revolving Credit Facility.
- The Senior Credit Facility matures on May 6, 2029.
- Interest rates for the Senior Facility are Base Rate + 1.75%-2.25% or Term SOFR + 2.75%-3.25%.
- A non-utilization fee of 0.375% applies to the unused portion of the Senior Facility.
- Financial covenants include a minimum Fixed Charge Coverage Ratio of 1.25:1.00.
- A maximum Total Leverage Ratio of 3.00:1.00 is required under the Senior Facility.
- Via Renewables also issued a $25.0M Subordinated Promissory Note to Retailco, LLC.
- The Subordinated Note matures on November 6, 2029, with interest at WSJ Prime + 2%.