Turnkey LED Lighting Systems and Controls Provider Orion Secures Expanded $25M Revolving Credit Facility with Bank of America, N.A.
MANITOWOC, Wis., Jan. 05, 2021 -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), is a provider of LED lighting systems and turnkey project implementation, including installation and commissioning of fixtures, controls and IoT capabilities, ongoing system maintenance and program management. Orion today announced it entered into a new and expanded five-year $25.0 million revolving credit facility with Bank of America, N.A. effective December 29, 2020. The facility replaces Orion’s prior $20.15 million facility with Western Alliance Bank and provides Orion with increased financing capacity and liquidity to support continued growth and execution of the Company’s strategic plans.
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 Bank of America is providing through this facility and expect this relationship to serve us well into the future.”
About Orion Energy Systems
Orion is a provider of LED lighting systems and turnkey project implementation including installation and commissioning of fixtures, controls and IoT solutions, ongoing system maintenance and program management, helping customers to digitize their business and reduce their carbon footprint.
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Contact:
Per Brodin, CFO
Orion Energy Systems, Inc
