Enphase Energy, Inc. (NASDAQ:ENPH) Settles The Secured Term Loan Debt With Tennenbaum Capital Partner
Enphase Energy, Inc. (NASDAQ:ENPH) has been on an upward trajectory, and in the previous trading session, its stock gained 2.46% to end the day at $7.46.
The stock gained following the energy technology company’s announcement on January 28, 2019, that they had fully settled their term loan debt with Tennenbaum Capital Partners. Tennenbaum C Capital is BlackRock, Inc.’s (NYSE: BLK) indirectly wholly owned affiliate.
The settlement of the secured term loan
The settlement of the term loan includes the principal amount estimated to be around $39.5 million in addition to the loan fees and accrued interests. In 2018 the company paid $6.3 million in costs and interest expenses on loan and the repayment of the loan eliminates the possibility of Enphase having to pay any future fees as well as interest expenses. With the settlement of the loan, all liens will be removed from the company’s assets thus offering Enphase more operating flexibility.
Enphase improved financial stability
Enphase Energy’s Chief Financial Officer, Eric Branderiz, indicated that they were delighted to announce the repayment of their term loan that significantly decreases the company’s interest expenses. The CFO noted that from their healthy financial position and a robust balance sheet the company is now well endowed to grow their business thus increasing the shareholder value. He also acknowledged TCP for having been supportive to Enphase during its economic rebound.
Enphase has revolutionized solar energy with their micro-inverter technology that gives the best-integrated solar plus solution, and the company has already shipped over 18 million units of micro-inverters with large Enphase systems that already have been deployed in over 120 countries.
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