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Spark Energy Enters Amended Credit Agreement
July 20,2018 On July 17, 2018, Spark Energy, Inc. entered into an amended credit agreement The Amendment amends the Credit Agreement to extend the expiration date by one year to May 19, 2020. The Amendment also changes the definition of Maximum Working Capital Advance Cap to $192.5 million to reflect the current outstanding commitment levels under the Credit Agreement, and provides for a revised accordion feature to allow the Co-Borrowers to elect to increase aggregate commitments under the Credit Agreement from $192.5 million to up to $250.0 million, subject to customary conditions. The Amendment also contains increases to various sub-limits under the Credit Agreement if and to the extent that the Co-Borrowers elect to increase commitments up to $250.0 million under the new accordion feature as follows: • The Maximum Working Capital Advance Cap would increase up to a maximum of $250.0 million; • The sub-limits on the Bridge Loans for acquisitions, at $48.125 million pursuant to the Amendment, would continue to be capped 25% of the facility, up to a limit of $62.5 million; • Standby Letters of Credit with terms up to 90 days, at $192.5 million pursuant to the Amendment, would continue to be capped at 100% of the facility, up to a limit of $250.0 million; and • Standby Letters of Credit with terms from 90 days up to 365 days, at $115.5 million pursuant to the Amendment, would continue to be capped at 60% of the facility, up to a limit of $150.0 million. See more details in an 8-K filed by Spark
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