Akeena Solar to increase credit line with Comerica Bank
Akeena Solar, Inc. (Nasdaq: AKNS), designer and installer of solar power systems, said it will increase its existing credit line with Comerica Bank to $25 million from $7.5 million.
Under the increased $25 million facility, $17.5 million will be available for borrowing on a non-formula basis, with up to an additional $7.5 million available for borrowing against accounts receivable and inventory levels.
“With this additional borrowing capacity, coupled with our recent $26.1 million equity raise, Akeena will have the financial flexibility and resources to fund our working capital needs and ambitious growth plans for the intermediate future,” Gary Effren, Akeena Solar chief financial officer, said in a press release.
Shares of Akeena Solar (AKNS) jumped 8.31%, or $0.55, to $7.17 out of the gate. Shares of Akeena Solar have been trading in the range of $2.97 to $10.05 for the past 52 weeks.
