2023-05-25 09:19:41 ET
FuelCell Energy ( NASDAQ: FCEL ) said Thursday it entered into an $87 million non-recourse project financing facility.
The 7-year facility consists of an $80.5 million term loan and a $6.5 million debt service reserve letter of credit for a portfolio of six operating assets.
A portion of the proceeds from the facility were used to repay some of the company’s existing indebtedness.
After debt repayment, the proceeds remaining were about $46.1 million of unrestricted cash and $14.5 million of restricted cash, which will be used for general corporate purposes, among other things.
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FuelCell Energy gets $87M project financing