CHPT - ChargePoint secures new $150M revolving credit facility

2023-07-27 17:06:26 ET

• ChargePoint Holdings ( NYSE: CHPT ) on Thursday said it had secured a new $150M revolving credit facility with four major banks.
• CHPT said JPMorgan was the administrative lead arranger for the facility and also a joint lead arranger with HSBC. Citi and Goldman Sachs were documentation agents.
• "This facility reinforces ChargePoint’s ( CHPT ) strong standing with capital sources, and our dedication to maintaining a solid balance sheet while we pursue our stated goals of generating positive adjusted EBITDA and positive cash flow by the end of calendar 2024," the electric vehicle (EV) charging company's CFO Rex Jackson said in a statement .
• CHPT's announcement comes at a when the EV charging space has been in the spotlight for weeks, with carmakers, EV charging companies and industry standards body SAE International signing up to incorporate Tesla's ( TSLA ) North American Charging Standard (NACS) connector.
• According to research firm Wood Mackenzie, CHPT and Tesla ( TSLA ) currently dominate the U.S. charging ports market.
• ChargePoint ( CHPT ) stock was marginally higher by 0.5% to $7.97 after hours.

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