OESI ANNOUNCES $25 MILLION CREDIT AGREEMENT
OESI ANNOUNCES $25 MILLION CREDIT AGREEMENT SPARKS, Nev., Jan. 30 /PRNewswire/ -- OESI Power Corp.
(NASDAQ: OESI) announced today that it closed on a $25 million revolving credit agreement with a major domestic bank. The credit agreement provides funds for development, project equity, letters of credit and general corporate purposes during a two-year revolving credit period which is then convertible into a three-year term loan.
James W. Porter Jr., chief executive officer of OESI, said, "The amount we can borrow is dependent on a borrowing base formula which is principally determined by project cash flows. We anticipate an initial availability of approximately $8 million." In conjunction with the closing, OESI issued 100,000 warrants to the bank for the purchase of an equal number of shares of common stock and it is obligated to issue up to 150,000 more warrants as the borrowing base increases to $25 million. OESI Power Corp. acquires, develops, operates and sells interests in geothermal power projects in the western United States, Alaska and Hawaii. -0- 1/30/92 /CONTACT: Robert C. Anderson Jr., VP Finance of OESI, 702-355-5666/ (OESI) CO: OESI Power Corp. ST: Nevada IN: UTI SU:
TM-CH -- LA014 -- 5061 01/30/92 08:03 EST
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|Date:||Jan 30, 1992|
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