CICERO, Ill., June 30, 2015 (GLOBE NEWSWIRE) -- Broadwind Energy, Inc. (NASDAQ:BWEN) today announced the extension of its $20 million credit facility with Atlanta-based AloStar Bank of Commerce. Under the terms of the new agreement, the facility will transition from a $20 million revolving line of credit to a $15 million revolving line of credit plus a $5 million machinery and equipment term loan. The credit facility has a one-year term, with an annual interest rate of 30-day LIBOR plus 3.25% to 3.50%.
Broadwind Executive Vice President and CFO Stephanie Kushner said, “We entered into our initial credit agreement with AloStar in 2012. With this amendment, we will extend our banking agreement until August 2016, with improved terms, a lower interest rate and better availability. These improvements reflect Broadwind’s improved credit profile. We look forward to continuing to work with AloStar, who has been a good business partner.”
About Broadwind Energy, Inc.
Broadwind Energy (NASDAQ:BWEN) applies decades of deep industrial expertise to innovate integrated solutions for customers in the energy and infrastructure markets. From gears and gearing systems for wind, oil and gas and mining applications, to wind towers and specialty weldments, to comprehensive remanufacturing of gearboxes and blades, to operations and maintenance services, we have solutions for the energy needs of the future. With facilities throughout the U.S., Broadwind Energy's talented team of nearly 800 employees is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com
Forward-Looking Statements
This release includes various forward-looking statements related to future, not past, events. Statements in this release that are not historical are forward-looking statements. These statements are based on current expectations, and we undertake no obligation to update these statements to reflect events or circumstances occurring after this release. Such statements are subject to various risks and uncertainties that could cause actual results to vary materially from those stated. Such risks and uncertainties include, but are not limited to: expectations regarding our business, end-markets, relationships with customers and our ability to diversify our customer base; the impact of competition and economic volatility on the industries in which we compete; our ability to realize revenue from customer orders and backlog; the impact of regulation on our end-markets, including the wind energy industry in particular; the sufficiency of our liquidity and working capital; our restructuring plans and the associated cost savings; our ability to preserve and utilize our tax net operating loss carry-forwards; and other risks and uncertainties described in our filings with the Securities and Exchange Commission, including those contained in Part I, Item 1A “Risk Factors” of our Annual Reports on Form 10-K.