Broadwind Energy has secured a three-year asset-based credit line of up $20m from Chicago lender The PrivateBank.
The US manufacturer will be able to borrow up to 85% of the face value of its eligible accounts receivable, up to 50% of its book value of eligible inventory and up to 50% of the appraised value of its eligible machinery, equipment and property up to $10m.
It could receive up to $5m in additional funds if Ebitda reaches $7m for this year.
The new credit facility replaces a previous one with AloStar Bank of Commerce.
“This new credit facility provides better terms and borrowing availability, as well as a lower borrowing cost, which will be important as we fund business expansions and consider strategic, bolt-on acquisitions,” Broadwind chief executive Stephanie Kushner said.
Image: Broadwind
