ONEROOF ENERGY GROUP, INC. OneRoof Energy, Inc., a residential solar services provider and wholly-owned subsidiary of OneRoof Energy Group, Inc. (OneRoof Energy) announced that it signed a loan agreement with North Sky Capital's Alliance Fund II. The loan agreement was arranged by GoldenSet Capital, a sub-advisor to Alliance Fund II, and will provide the Company with a $20 million loan facility (the Facility). Loan amounts may be drawn by the company under the facility from time to time subject to the Company's satisfaction of certain borrowing base and other funding conditions.
Amounts under the Facility remaining undrawn will be subject to a non-use fee of 0.50% per annum of the committed, but undrawn portion of the Facility. Principal and interest on the Facility will mature in two and one half years and interest will accrue at a fixed rate of 15% per annum, compounding monthly, from the date of the closing of the Facility. The Facility is secured by a second lien on the assets of the company that are not otherwise pledged under project financings, will be secured by a first lien in the Company's sponsor equity interest in its next tax equity fund and will be senior to the company's subordinated convertible and non-convertible notes in each asset class.
The closing of the Facility is subject to all applicable regulatory approvals, including the acceptance of the TSXV. Proceeds from the Facility will be used for investment in solar projects and general working capital purposes.
