PORT WASHINGTON, Wisconsin, March 05, 2024 (GLOBE NEWSWIRE) -- Franklin Energy, one of North America’s largest providers of tech-enabled sustainable energy management solutions and products, announced today that lenders to the company’s revolving credit facility have unanimously approved an 18-month extension to the facility’s maturity to February 2026.
In connection with the previously announced preferred equity investment and the extension of the revolving credit facility, the company received an upgrade to its credit ratings from Standard & Poor’s and Moody’s. Standard & Poor’s raised their issuer credit rating and rating on the company’s first-lien term loan to B- and changed their outlook on the company to Stable. Moody’s similarly raised their Corporate Family Rating to B3, affirmed their B3 rating on the company’s first-lien term loan, and changed their outlook on the company to Stable.
“The credit ratings upgrade and revolver extension underscore the tremendous effort that Franklin Energy continues to put forth, building on our 30-year legacy, strengthening our business and financial position,” said Terry Sobolewski, Franklin Energy CEO. “I look forward to expanding on this continued momentum to accelerate value creation for our employees, our clients, our investors, and the communities in which we live and work.”
Jefferies LLC acted as the exclusive ratings advisor and Kirkland & Ellis acted as counsel to Franklin Energy in connection with the transaction.
About Franklin Energy
Franklin Energy delivers end-to-end sustainable energy management solutions through a portfolio of intelligent products and services that lowers costs, reduces carbon waste, grows strong communities and local economies. Franklin Energy is committed to achieving net-zero carbon emissions by 2025, protecting our communities and planet while building a brighter, more sustainable future.
