Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of enterprise-grade LED lighting and energy project solutions, announced today that it has secured a new two-year, $20.15 million secured revolving Credit Facility with Western Alliance Bank, a wholly owned subsidiary of Western Alliance Bancorporation (NYSE: WAL). The facility replaces the Company’s $15.0 million secured revolving Credit and Security Agreement with Wells Fargo Bank.
Borrowings under the Credit Facility are initially limited to $20.15 million, subject to a borrowing base requirement based on eligible receivables and inventory. The Credit Agreement also includes a $2.0 million sublimit for the issuance of letters of credit. More details regarding the Credit Facility are available in the Company’s Form 8-K filed today.
Bill Hull, Orion’s CFO, commented, “Our new Credit Agreement provides Orion with increased financing capacity and liquidity to fund Orion’s operations and to support our growth goal. Importantly, the new facility provides Orion with approximately $2.4 million in additional current borrowing availability compared to our prior agreement, which will help support our near-term growth objectives. We are pleased to partner with Western Alliance Bank as they have demonstrated a strong commitment to supporting the needs of companies our size.”
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