Capstone: Revolving Credit Facility
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
CHATSWORTH, California - Capstone Turbine Corporation (www.capstoneturbine.com) (CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced that it has entered into two Credit and Security Agreements (the “Credit Agreements”) with Bridge Bank, a division of Western Alliance Bank. Under the terms of the Credit Agreements, Capstone may borrow up to $12 million on a revolving basis.
“We are looking forward to our new banking relationship with Bridge Bank. Not only will this new credit facility provide us with an increase in borrowing availability compared to our old facility, but the overall total cost of capital of the facility will also be reduced,” said Jayme Brooks, Capstone’s Chief Financial Officer and Chief Accounting Officer. “We feel the service provided by Bridge Bank is a better fit for Capstone’s needs at this time as we continue to reduce our operating costs,” added Ms. Brooks.
The Credit Agreements with Western Alliance Bank are supported by the Export-Import Bank of the United States. Under the terms of the Credit Agreements, Capstone may borrow up to $12 million on a revolving basis depending on the amount of our eligible inventory and accounts receivable. The Credit Agreements are for a two-year period ending June 2, 2019.
“The move to Bridge Bank is yet another example of Capstone’s continued war on costs as our operating expenses are down dramatically from last year and are lower than other similar sized companies in our clean tech space,” said Darren Jamison, Capstone’s President and Chief Executive Officer of Capstone. “Over the past year, we have transitioned to several more cost competitive service providers, while maintaining or, in many cases, improving overall service levels. We have switched our external auditors, tax and payroll service providers, SEC counsel and now our banking relationship, to name just a few,” added Mr. Jamison.
“We are pleased to have Capstone Turbine as a new client of Bridge Bank and appreciate the opportunity to work with such an industry leader. We look forward to a long and mutually prosperous relationship supporting the Company’s financing, banking and treasury needs with flexibility and responsiveness as they continue toward achieving their various goals,” added Justin Vogel, Bridge Bank’s Business Line Manager in Southern California.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (CPST) is the world's leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone has shipped approximately 9,000 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2015 and ISO 14001:2015 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the United States, Latin America, Europe, Middle East and Asia.