Solar Integrated Roofing signs $10 million one-year revolver

By William Gullotti

Buffalo, N.Y., Feb. 6 – Solar Integrated Roofing Corp. secured a new $10 million one-year revolving credit facility with a “top four national bank” on Monday, according to a press release.

The new facility follows the company’s Wednesday-reported $25 million drawdown term note with an institutional investor.

Revolver borrowings carry interest at SOFR plus 150 basis points and will be used to finance the company’s working capital requirements.

David Massey, the company’s chairman and chief executive officer, said in the release, “In combination with the impending closing of our recent $25 million term note, this new credit facility will provide greater financial flexibility to invest in internal initiatives and support our next phase of growth as we aggressively focus on improving operating cash flows and profitability in 2023. ... in time we hope to grow this credit line towards an internal goal of $100 million.”

Further details regarding the facility will be disclosed upon closing in a form 8-K to be filed with Securities and Exchange Commission.

Solar Integrated Roofing is a solar power, roofing and EV charging systems company with headquarters in San Diego.

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