NEW YORK, March 12, 2019 /PRNewswire/ -- Signature Bank and V3 Commodities have committed a combined $25 million working capital facility to Atlantic Energy. The deal is composed of two parts with a $15 million senior revolving ABL facility with Signature Bank and a $10 million junior term loan facility by V3 Commodities Group Holding LLC. Atlantic Energy offers energy efficient and smart product bundles and is set up to service over 100,000 residential equivalents for this year. When asked about the deal, Paul Hamilton of V3 Commodities states, "We look forward to our new partnership with Atlantic Energy and see them as a leader in retail energy distribution."
Atlantic Energy Co-CEOs James Uglow and Patrick Linden added, "We agree this financial facility gives us much more flexibility and liquidity to enhance our customer experience. Our focus is to continue delivering innovative value added offers to our customers. By the end of 2019 we will have shipped over 800,000 smart energy efficient products which will decrease our customers energy consumption as well as carbon emissions from the environment."
Since 2011, Atlantic Energy has continued to grow and now operates in 36 local utilities with an internal 250 staff salesforce. Atlantic Energy intends to utilize this facility to continue its mission of becoming a preferred value added retail energy provider.
About Signature Bank
Signature Bank® (NASDAQ: SBNY) is a full-service commercial bank with offices in the five boroughs of New York City, as well as Nassau, Suffolk and Westchester counties in New York and Fairfield County in Connecticut. In 2018, the Bank expanded its footprint on the West Coast with the opening of its first full-service private client banking office in San Francisco.
About V3 Commodities Group
V3 Commodities Group provides trade finance capital to support collateral postings with PUC's, ISO's and LDC's, collateral to support electricity and natural gas purchases from wholesale suppliers, and payment terms to support the daily cash flow requirements of its clients. Our borrowing base approach credits our clients with value for cash and collateral postings, receivables, transportation and Inventory and forward value of customer contracts.
About Atlantic Energy
Atlantic Energy LLC is a licensed retail energy supplier focused on value added energy supply plans, residential smart home bundles and energy-efficient LED Lighting Program. Custom built logistical software, timely delivery, and a dedicated customer service team help Atlantic Energy better serve its diverse customer base building brand awareness.
SOURCE Atlantic Energy