Pinnacle Renewable Energy has expanded its credit facility to $530 million, comprised of a $65 million revolving credit facility, a $280 million term facility, and a $185 million delay draw term facility. The credit facility expands the company's existing $380 million credit facility, and extends the maturity date to June 13, 2024.

Biofuel

Pinnacle Renewable Energy announces expanded credit facility

Pinnacle Renewable Energy ("Pinnacle") has expanded its credit facility to $530 million, comprised of a $65 million revolving credit facility, a $280 million term facility, and a $185 million delay draw term facility. The credit facility expands the company's existing $380 million credit facility, and extends the maturity date to June 13, 2024.

The expanded credit facility increases the total amount of committed capital available to Pinnacle from its banking syndicate by $150 million, and provides the company with further flexibility as it continues to pursue its growth strategy.

In particular, the delay draw facility is expected to continue to support Pinnacle's ability to capitalize on organic growth projects and acquisition opportunities as they arise, while maintaining a prudent approach to leverage. Additionally, amortization payments on the term facility and delay draw facility have been amended, which will positively impact free cash-flow throughout 2019.

The expanded credit facility is supported by a syndicate of Canadian banks, led by the Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada and Bank of Montreal as well as the addition of a new U.S. lender, Bank of America Merrill Lynch.

Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. The company produces sustainable fuel for renewable electricity generation in the form of industrial wood pellets.