Priority Power Secures $250 million Credit Facility to Fuel Future Growth
Summary
THE WOODLANDS, Texas & ARLINGTON, Texas--(BUSINESS WIRE)--Priority Power Management, Inc. ("Priority Power" or the "Company"), a leader in energy optimization and infrastructure offering smart energy solutions and streamlined transitions to carbon neutrality, announced that it successfully refinanced its existing debt and increased its credit facility from $85 million to $250 million. The company currently manages approximately $3 billion of energy spend for its 7,000+ clients across over 40 states in the U.S. and has completed $0.3 billion of energy infrastructure projects with an additional $1 billion in various stages of development.Priority Power has become a trusted industry leader over its 20+ year history, and this new credit facility is a clear reflection of the Companys recent growth to date and robust future outlook," said Joe Loner, CFO of Priority Power. The combination of flexible and cost-efficient capital with a premier group of financial institutions will allow Priority Power to continue our calculated growth strategy. is acting as administrative agent, with BMO Capital Markets, BofA Securities, Inc. and First Horizon Bank serving as Joint Lead Arrangers.White & Case LLP served as counsel to Priority Power and Paul Hastings LP acted as counsel to BMO Harris Bank, N.A. and other lenders.Priority Power is leading the Energy Transition with innovative client-focused solutions built upon integrity, trust and transparency.Backed by funds managed by Oaktree Capital Management and Ara Partners, Priority Power serves over 7,000 clients, totaling $3 billion in energy spend, across nearly every industry and vertical, and has over $0.3 billion of energy infrastructure projects completed and approximately $1 billion in varying stages of development.Priority Power combines energy optimization and infrastructure expertise, with our proprietary technology, PriorityView, to help largescale commercial/industrial businesses achieve decarbonization and sustainability goals while also maximizing savings and efficiency.