trending Market Intelligence /marketintelligence/en/news-insights/trending/yESKfM7-vM5ZUbZIrOSqUw2 content esgSubNav
In This List

FuelCell Energy pays off loan to Hercules, amends other credit facilities

Podcast

Next in Tech | Episode 49: Carbon reduction in cloud

Blog

Using ESG Analysis to Support a Sustainable Future

Research

US utility commissioners: Who they are and how they impact regulation

Blog

Q&A: Datacenters: Energy Hogs or Sustainability Helpers?


FuelCell Energy pays off loan to Hercules, amends other credit facilities

FuelCell Energy Inc. on Sept. 30 paid Hercules Capital Inc. $835,178 to repay a loan and then terminated the credit facility.

The company funded the payment from the proceeds amassed from the sale of 23.1 million common shares at an average sale price of 36 cents per share, according to an Oct. 2 filing.

Additionally, FuelCell Energy Finance LLC amended a $40 million revolving construction and term financing facility with NRG Energy Inc. to extend the maturity date to either Oct. 31 or whenever FuelCell Finance closes on a corporate refinancing or other form of liquidity, whichever happens earlier.

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.

At maturity, FuelCell will owe approximately $3.3 million, an end of term fee of $800,000 and accrued interest.

Also, FuelCell Energy Finance II LLC entered into a repayment schedule amendment to its construction loan agreement with Generate Lending LLC.

Generate Lending issued a notice of decision Sept. 27 to exercise its call right option, under which $10 million in working capital loans were due on Sept. 30.

Following the issuance of the notice of decision, FuelCell, Generate and various guarantors entered into a third amendment to the loan agreement, under which FuelCell Energy Finance II paid $3 million on Oct. 2. FuelCell Energy Finance II will pay $3 million by Oct. 31, $2 million by Nov. 30 and the remaining amount of the loan by Dec. 31. FuelCell will also pay $125,000 to Generate Lending associated with costs and expenses of the credit facility.