MMA obtains $125 million three-year revolver at Libor plus 275 bps

By Sarah Lizee

Olympia, Wash., Sept. 19 – MMA Capital Holdings, Inc. subsidiary MMA Energy Holdings, LLC entered into a credit agreement on Thursday with East West Bank as administrative agent, initially providing for a $125 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

Of the amount, $70 million was committed and $30 million has been advanced as of the initial closing date.

The facility may be expanded by up to an additional $50 million.

The maturity date of the credit agreement is the three-year anniversary of the initial closing date, subject to one 12-month extension only to allow refinancing or orderly repayment of facility.

Borrowings bear interest at one-month Libor, subject to a 1.5% floor, plus 275 basis points.

Financial covenants include maintenance of a minimum debt service coverage ratio, maximum debt to net worth, minimum consolidated net worth and minimum consolidated net income.

MMA Capital invests in debt associated with renewable energy infrastructure and real estate. It is based in Baltimore.

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