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    SPG Spark Power finalizes amended credit line with BMO


    December 2, 2022 - Canada StockWatch

     

      Spark Power Group Inc (TSX:SPG)

      Shares Issued 90,005,775

      Last Close 11/30/2022 $0.55

      Thursday December 01 2022 - News Release

      Mr. Richard Perri reports

      SPARK POWER ENTERS INTO AMENDED CREDIT AGREEMENT WITH ITS SENIOR LENDER

      Spark Power Group Inc. has finalized the terms of an amended and restated credit facility with its senior lender, Bank of Montreal. The Amended Credit Facility agreement was signed concurrent with the closing of the sale by Spark Power of its Bullfrog Power Inc. business unit ("Bullfrog") on November 30, 2022, announced by the Company yesterday in a separate news release.

      The Amended Credit Facility includes a path to Spark Power reverting to traditional financial covenants at the end of Q1 2023, in addition to the following material terms:

      • Extending the Maturity Date of the credit facility to September 30, 2024
      • Extending the Term Loan amortization period and reducing quarterly principal payments to $1,125,000, effective for the Q4 2022 principal repayment due January 3, 2023
      • Re-establishing traditional financial covenants including a maximum Senior Debt to EBITDA ratio, a maximum Total Debt to EBITDA ratio, and a minimum Fixed Coverage ratio
      • Decreasing the interest rate margin on facility advances upon adoption of the traditional financial covenants
      • Application of the proceeds from the Bullfrog sale to the Term Debt and Operating Facility

      "We are pleased to have finalized the terms of this amendment, which will provide Spark Power with enhanced liquidity and operating flexibility as we embark on the next stage of our Company's maturity - one that is characterized by a focus on sustainable, profitable growth and long-term value creation," commented Richard Perri, Executive Vice President & Chief Financial Officer of Spark Power. "We would like to thank BMO for their continued strong support of Spark Power and we are excited about our ongoing partnership as we look to the future".

      The Amended Credit Facility is available under the Company's profile on SEDAR at www.sedar.com.

      About Spark Power Group Inc.

      Spark Power, a wholly owned subsidiary of Spark Power Group Inc. (TSX: SPG), is a leading independent provider of end-to-end electrical contracting, operations and maintenance services, and energy sustainability solutions to the industrial, commercial, utility, and renewable asset markets in North America. We work to earn the right to be our customers' Trusted Partner in Power(TM). Our highly skilled and dedicated people, located in the communities we serve, combined with our knowledge of the power industry, technology expertise, and commitment to safety, ensures we deliver the right solutions that keep our customers' operations up and running today and better equipped for tomorrow. Learn more at www.sparkpowercorp.com.

      We seek Safe Harbor.

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