HOUSTON, TX – Spark Energy, Inc. (“Spark” or the “Company”) (NASDAQ: SPKE), today announced an amendment and extension (the “Amendment”) of its senior secured credit facility (the “Facility”). The Facility, which was set to mature in May 2020, now has a maturity date of May 21, 2021.
Additionally, the Company announced the extension of its $25 million subordinated debt facility with its majority shareholder. The subordinated facility, which was set to mature in July 2020, now has a maturity date of December 31, 2021.
“These facilities have enhanced flexibility that supports Spark’s continued growth,” said Nathan Kroeker, Spark’s President and Chief Executive Officer. “We thank each of our lenders for renewing their commitments and continuing their support of our business.”
Spark also announced the appointment of James G. Jones II as Chief Financial Officer of the Company, following Mr. Jones’ resignation from Spark’s Board. In his new role as CFO, Mr. Jones will oversee Spark’s accounting, tax, SEC reporting, treasury, financial planning and analysis, and investor relations functions. He will also assume the role of Spark’s Chief Risk Officer.
“I would like to welcome Jim to the Spark management team. I have worked with Jim and he has been involved with Spark for nine years dating back to his days as a partner at EY, and has served on Spark’s Board and chaired the Audit Committee and Special Committee since our IPO in 2014. Given his financial background and management expertise, we are confident we have a strong leader to guide our finance organization through our next phase of growth.”
“We want to thank Rabobank for their leadership in helping us close the Amendment and continue our journey in providing value to our shareholders,” said Jim Jones, Spark’s new Chief Financial Officer. “Mr. Maxwell has reconfirmed his commitment to Spark by extending his subordinated debt facility. Spark is well positioned with ample liquidity to continue to streamline the business and pursue opportunities in the marketplace.”
Soource: Spark Energy, Inc.
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