Orion Energy amends facility with Wells Fargo, extends by two years

By Susanna Moon

Chicago, April 5 – Orion Energy Systems, Inc. amended its credit agreement on March 30 with Wells Fargo Bank, NA and extended the maturity to Feb. 6, 2021 from Feb. 6, 2019, according to an 8-K filing with the Securities and Exchange Commission.

The amended facility also allows for a reduction of the excess availability reserve under the credit agreement, which was initially $5 million, to $1 million if the company maintains a fixed-charge coverage ratio of at least 1.1 times at each month-end for at least six consecutive months, measured as of each month-end on a trailing 12-month basis.

The Manitowoc, Wis.-based company designs, manufactures and markets various light-emitting diode retrofit fixtures.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.