Plug Power reports $100 million loan facility; Workhorse revamps loan

By Devika Patel

Knoxville, Tenn., April 3 – The private placement markets perked up on Wednesday, with one new deal announced and another revised.

Plug Power Inc., a Latham, N.Y.-based designer and manufacturer of hydrogen fuel cell systems, reported that it has completed a $100 million secured term loan facility with Generate Lending, LLC.

The company borrowed $85 million under the loan at settlement.

The 12% term loan is due Dec. 13, 2022.

Proceeds were used to pay in full the company’s $17.6 million of borrowings under a July 21, 2017 loan and security agreement, terminate $50.3 million of certain equipment leases with Generate Plug Power SLB II, LLC and repurchase the associated leased equipment. The balance of $32.1 million of loan proceeds will be used to fund working capital for ongoing deployments and other general corporate purposes.

St. Louis-based Lutheran Senior Services, which owns senior independent living communities, concluded a $92.37 million private placement of fixed-rate bonds through underwriter HJ Sims.

Also, Loveland, Ohio-based Workhorse Group Inc., which makes and sells medium-duty trucks with powertrain components, amended its $35 million three-year loan with Marathon Asset Management.

Among other updates, the deadline for the company’s $4 million minimum liquidity covenant has been extended to April 30, 2019 from March 31, 2019.

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