SDCL Energy Efficiency Income Trust (SEEIT) has announced improved financing for portfolio companies Primary Energy and Onyx Renewable Partners.
SEEIT successfully renegotiated the loan facility for Primary Energy with an improved margin of 350 basis points over the secured overnight financing rate (SOFR), down from 425 basis points, whilst also restructuring the debt to improve yields for SEEIT. The loan facility sets debt at a total of $178 million, in line with previous levels and includes a $158 million amortizing loan and a $20 million revolving credit facility (RCF) with a five-year term.
The consortium of existing lenders included Celtic Bank, East West Bank, Investec and Apollo.
SEEIT also agreed to upsize and extend Onyx’s three-year RCF to $100 million, providing additional flexibility for use of the SEEIT company-level RCF across its broader pipeline of organic opportunities. This expansion will strengthen the deployment of Onyx’s solar project pi
