iSun has closed on an $8 million senior secured loan with Decathlon Capital Partners to fully refinance the prior senior secured convertible facility which had become dilutive.
The transaction carries a 48-month term and is a straight debt instrument, avoiding any equity dilution. Debt service payments begin at a smaller initial level and increase over the course of the loan in several step-ups, tracking the company’s revenue growth.
Funds will be utilized as follows:
- $6 million for the retirement of existing Senior Secured Convertible Notes previously issued to Anson Investment Master Fund, LP and Anson East Master Fund, LP;
- $1.5 million to the balance sheet for working capital; and
- $0.5 million in transaction fees.
“This is a huge milestone for iSun, and I want to say thank you to our new financing partners at Decathlon and to our employees for all their hard work in getting this across the finish line,” says Jeffrey Peck, iSun’s chairman and CCO. “This debt facility validates our commitment to accelerating the transition to clean energy as we continue our fight against climate change while providing an opportunity to strengthen our balance sheet.”
England & Company acted as exclusive advisor and placement agent for the financing and Merritt & Merritt acted as the company’s legal counsel.
The post iSun Closes on $8 Million Secured Loan with Decathlon Capital Partners appeared first on Solar Industry.
iSun Closes on $8 Million Secured Loan with Decathlon Capital Partners
Weather Guard Lightning Tech
GE Vernova and Vineyard Wind Settle, UK Approves Irish Sea Cables
GE Vernova and Vineyard Wind drop all claims in their $4.5 billion dispute. Plus the UK approves Irish Sea cables for Morgan and Morecambe, a GE turbine order in Japan, whale recorders in the Celtic Sea, and previews of WindEnergy Hamburg.
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GE Vernova and Vineyard Wind Settle, UK Approves Irish Sea Cables
Well, if I had the IQ of a squirrel and believed that Fauci colluded with hundreds of other top scientists around the world to enslave the planet’s population, I would jump right on board.
Doesn’t work for me, though.
Today, however, belief in science and reason makes me a communist.
If you want a steady stream of information about the supposed value that ExxonMobil is bringing to the world, you may want to sign up for this.
These people are playing for keeps, btw. They’re destroying a little piece more of this planet every day, and they understand that completely.
But there is money at stake. Lots of it.
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