Solar Integrated Roofing Corp. (OTC: SIRC) Secures $10 Million Revolving Credit Facility To Support Its “Next Phase Of Growth,” According To David Massey, CEO
Solar Integrated Roofing Corp. (OTC: SIRC) has secured a $10 million revolving credit facility to support its next phase of growth, according to David Massey, chairman and CEO. “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,” Massey said.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), ChargePoint (NYSE: CHPT), EVgo (NASDAQ: EVGO), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).
Massey said the $10 million credit facility will have a one-year term and carry interest at the SOFR rate plus 1.50%. SIRC may from time-to-time prepay and borrow principal under the Credit Agreement during its term. Additional details of the credit facility will be available in a Form 8-K to be filed upon closing, he said.
He explained, “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.”
Massey added, “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.”
He added that the new credit facility will ‘mark another important milestone’ for SIRC as it continues to execute on its strategic long-term growth objectives and strives to create sustainable, long-term value for its shareholders.
Prior, in a presentation to the financial community, Massey said at the Benzinga All-Access Show, he hopes to ‘change the trajectory’ of SIRC’s valuation higher in the future via raising its multiples through more efficient operations.
For Q3 2022, SIRC reported a 333%+ volume growth performance. Revenue in Q3 2022 jumped to $57.3 million, a 333% increase, while net income rose to $6.2 million vs. a net loss of $1.7 million in Q3 of 2021.
Source: Stock Market Press
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