FuelCell Energy announces debt financing for Derby power projects

seekingalpha04-29

FuelCell Energy (NASDAQ:FCEL) has closed on a project debt financing transaction with Liberty Bank and Connecticut Green Bank for the Co.’s two fuel cell projects in Derby, Conn., which recently began...

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Liberty Bank’s senior commitment totals $6.5M and Connecticut Green Bank’s is $3M where, the Connecticut Green Bank will contribute an additional subordinated credit facility of $3.5M totaling $13M in gross financing. The term of the senior facility is 7 years, and the subordinated credit facility is 14 years also, the interest rate for the senior debt is fixed at 7.25% and 8% for the subordinated debt. 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