BEEM - Beam Global secures $100M credit facility with London-based OCI Group

2023-03-23 08:10:42 ET

• Beam Global ( NASDAQ: BEEM ) announced the execution of a line of credit, with $100M cap, with supply chain solutions specialist, OCI Group, based in London, U.K.
• The credit facility, a 5-year agreement, is non-dilutive and inexpensive, priced at SOFR (Secured Overnight Financing Rate) plus 300 basis points.
• The facility is active and effective immediately; there is no minimum use requirement and OCI and Beam Global have agreed that the $100M cap can be increased if needed.
• The company plans to use the funds for providing working capital to support the company's rapid growth in product orders and deliveries.
• "This credit line gives us an additional layer of financial flexibility which will allow us to aggressively grow without taking on long-term debt or diluting our shareholders. Having a top-quality European fund involved in our growth fits well with our strategy of international expansion," Beam Global CEO Desmond Wheatley commented.
• Shares trading 3.5% higher premarket.

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