Comverge Inc. (COMV) announced that it entered into an amendment on its existing credit facility with Silicon Valley Bank to increase the revolving line of credit by $20 million to a total of $30 million with a new 3-year term that will be available for general working capital needs and issuance of letters of credit.
Michael Picchi, Interim President and CEO, stated, "Combined with the $27.4 million in net proceeds we raised in November 2009 that was used to repay the entire amount of our GE Capital debt, we have significantly de-leveraged the balance sheet to give Comverge maximum financial flexibility. This Silicon Valley Bank credit facility, combined with our strong cash position, provides for over $80 million of cash and financing to fund the growth of our business in 2010 and beyond".
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