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".
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.