FuelCell Energy Inc. and several of its subsidiaries amended three separate credit facilities, according to an Aug. 13 filing.
On Aug. 8, FuelCell Energy Finance LLC and subsidiary Central CA Fuel Cell 2 LLC entered into an amendment to extend the maturity date of a $40 million revolving construction and term financing facility with NRG Energy Inc.
The new maturity date would be the earliest of either Sept. 30, the commercial operation date or substantial completion date of a fuel cell project owned by Central CA Fuel Cell 2, or the closing of a debt refinancing with Hercules Capital Inc.
NRG may accelerate the maturity date if it determines the credit parties are not making enough progress toward completing the 2.8-MW Tulare WWTP BioMat Fuel Cell project in California.
Additionally, on Aug. 13, FuelCell Energy Finance II LLC entered into an amendment to a construction loan agreement, which allows its lender, Generate Lending LLC, to issue a notice between Sept. 1 and Sept. 30 that it may require payment of working capital loans.
As such, all working capital loans in an amount equal to $10 million, together with all accrued and unpaid interest, are due and payable in their entirety Sept. 30.
Under the original agreement, Generate Lending agreed to provide a credit facility of up to $100 million and an additional $300 million, subject to further approval and available capital if requested by FuelCell Energy.
Also on Aug. 13, FuelCell subsidiary Groton Station Fuel Cell LLC entered into an amendment to a construction loan agreement, reducing the amount of the facility available to the borrower to $18.0 million from $23.0 million.
The loan facility will be used to fund the construction of a 7.4-MW fuel cell project for the Connecticut Municipal Electric Energy Cooperative. The facility is on the U.S. Navy Submarine Base in Groton, Conn.
Separately, FuelCell announced that it raised $6.4 million from July 25 to Aug. 8 under its "at-the-market" equity program.
The company issued about 18.2 million shares during the period at an average sale price of 35 cents per share.
Net proceeds from the sales, amounting to about $1.9 million, were used to pay down the company's senior secured credit facility with Hercules Capital, leaving an outstanding balance of about $5.6 million.
As of Aug. 13, FuelCell has 125,915,792 outstanding common shares and it may sell up to about $23.3 million of common stock under the at-the-market equity program. In July, the company said it may sell up to $42 million under the at-the-market program to help address liquidity issues.