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AquaVenture Holdings details amendment to credit agreement
By Marisa Wong
Morgantown, W.Va., Nov. 2 – AquaVenture Holdings Ltd. disclosed details of the amendment to its $150 million senior secured credit agreement in an 8-K filed Friday with the Securities and Exchange Commission.
AquaVenture entered into a third amendment on Nov. 1 to its credit agreement with a syndicate of lenders including Deutsche Bank AG, London Branch, Citibank, NA, Sequoia IDF Asset Holdings SA, Comvest Capital IV, LP and Comvest Capital IV (Luxembourg) Master Fund, SCSP and Wells Fargo Bank, NA as administrative agent.
The amendment increased borrowings by $110 million to an aggregate principal amount of $260 million, as announced in a Thursday press release.
The amendment also added wholly owned subsidiary AquaVenture Holdings, Inc. as a borrower and modified some financial covenant requirements.
In addition, the amendment reduced the interest rate on both the variable and fixed interest portions for the original $150 million borrowings by 50 basis points.
Of the $110 million incremental borrowing, $70 million bears interest at a variable rate of Libor plus 550 bps with a 1% Libor floor. The remaining $40 million bears interest at a fixed rate of 8.7%.
In total, including the interest rate reduction, $145 million of borrowings bear interest at a variable rate of Libor plus 550 bps with a 1% Libor floor, and the remaining $115 million of borrowings bear interest at a weighted average fixed rate of 8%.
A prepayment fee on the incremental borrowing, which declines over time, is due upon repayment if it occurs prior to Nov. 1, 2019.
The amended credit agreement is non-amortizing and matures in August 2021.
AquaVenture is a Tampa, Fla.-based Water-as-a-Service (WAAS) solutions company.
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