EnerNOC obtains $75 million two-year revolver with Silicon Valley Bank

By Susanna Moon

Chicago, April 18 - EnerNOC, Inc. and ENOC Securities Corp. closed a $75 million senior secured revolving credit facility due April 15, 2013 with Silicon Valley Bank on Friday, according an 8-K filing with the Securities and Exchange Commission.

Interest will accrue, at the borrower's option, at either the eurodollar rate plus 200 basis points or the ABR plus 100 bps - with the ABR defined as the highest of the Prime rate, the Federal Funds Effective Rate plus 50 bps and the eurodollar rate for a one-month interest period plus 100 bps.

The companies entered into a credit agreement with Silicon Valley Bank as administrative agent, issuing lender and swingline lender.

Up to $5 million may be available for swingline loans, and the revolving line of credit may be increased from time to time up to a total amount of $100 million with additional commitments from the lenders or new commitments from financial institutions.

The credit agreement replaces the loan and security agreement with Silicon Valley Bank dated Aug. 5, 2008, which expired on April 15.

The guarantee and collateral agreement provides that the obligations under the credit agreement are secured by all domestic assets of the borrower and several of its subsidiaries, excluding its foreign subsidiaries.

EnerNOC is based in Boston and provides clean and intelligent energy solutions, which include demand response services, energy efficiency, or monitoring-based commissioning, services, energy procurement services and emissions tracking and trading support services.

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