August 8 (Renewables Now) - Broadwind Inc (NASDAQ:BWEN), the US-based precision manufacturer of specialised components serving the wind industry, said today it has obtained nearly USD 43 million (EUR 42m) in debt to replace an existing credit line.
The industrial gears and gearboxes maker has completed a USD-35-million senior secured asset-based revolving loan facility and a USD-7.58-million senior secured term loan facility with Wells Fargo Bank NA as the lender. Both facilities have five-year terms and mature on August 4, 2027.
The company said it will use the proceeds for general corporate purposes, including strategic growth opportunities.
According to a filing with the US Securities and Exchange Commission (SEC), the USD-35-million credit line may be further increased by up to an additional USD 10 million upon the request of the company and at the sole discretion of the lender.
(USD 1 = EUR 0.977)