Priority Power Management, an energy optimization and infrastructure business backed by Oaktree Capital Management and Ara Partners, refinanced its existing debt and increased its credit facility from $85 million to $250 million.
The company executed the new five-year credit agreement, comprising a $150 million revolving credit facility, a $50 million term loan and a $50 million revolver accordion.
BMO Harris Bank is acting as administrative agent, with BMO Capital Markets, BofA Securities and First Horizon Bank serving as joint lead arrangers.
Law firm White & Case served as counsel to Priority Power, while Paul Hastings acted as counsel to BMO Harris Bank and other lenders.
Priority Power currently manages approximately $3 billion of energy spend across 40 states in the US. It has completed $300 million in energy infrastructure projects, with an additional $1 billion in various stages of development.
Brandon Schwertner, chief executive of Priority Power, said: “This new credit facility combined with the banks we are partnering with will further accelerate our growth objectives and allow us to continue carrying out our mission of leading the energy transition with innovative client-focused solutions built upon integrity, trust, and transparency.”