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Solar Integrated Roofing Corp. Secures $10 Million Revolving Credit Facility with Top Four National Bank
Solar Integrated Roofing Corp. Secures $10 Million Revolving Credit Facility with Top Four National Bank.
About this update from Solar Integrated Roofing Corporation
[{"type":"text","content":"\n HENDERSON, Nev., Feb. 06, 2023 (GLOBE NEWSWIRE) -- Solar Integrated Roofing Corp. (OTC:SIRC), an integrated, single-source solutions provider of solar power, roofing and EV charging systems, today announced it has secured a new $10 million revolving credit facility with a top four national bank to finance the Company’s working capital requirements, subject to customary closing conditions. Per the terms of the agreement, the $10 million revolving credit facility shall have a 1-year term and carry interest at the SOFR rate plus 1.50%. The Company may borrow, prepay and reborrow principal under the Credit Agreement from time to time during its term. Additional details of the credit facility will be available in a Form 8-K to be filed upon closing. David Massey, Chairman and Chief Executive Officer of Solar Integrated Roofing Corp., said, “In combination with the impending closing of our recent $25 million term note, this new credit facility will provide greater financial flexibility to invest in internal initiatives and support our next phase of growth as we aggressively focus on improving operating cash flows and profitability in 2023. The terms of the new facility are favorable to SIRC and enhances our borrowing capacity at attractive rates, reflecting our strong base of business and cost control efforts to reduce redundant expenses. “As we grow and further expand our relationship with this banking partner across all aspects of the business, in time we hope to grow this credit line towards an internal goal of $100 million. Upon closing, this credit facility will mark another important milestone for SIRC as we continue to execute on our strategic long-term growth objectives and strive to create sustainable, long-term value for our shareholders,” concluded Massey. About Solar Integrated Roofing Corp. Solar Integrated Roofing Corp. (OTC: SIRC) is an integrated, single-source solutions provider of solar power, roofing and EV charging systems, specializing in commercial and residential properties throughout North America. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. For more information, please visit the Company's website at www.solarintegratedroofing.com or join us on Twitter or LinkedIn. Forward-Looking Statements This press r...