Enphase Energy Announces Full Repayment of Term Loan Debt

January 29, 2019 at 8:00 AM EST

FREMONT, Calif., Jan. 29, 2019 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of solar microinverters, announced today that on January 28, 2019, the Company repaid in full its senior secured term loan with Tennenbaum Capital Partners, LLC (“TCP”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE:BLK).

  • The repayment includes a principal amount of approximately $39.5 million plus accrued interest and fees.
  • Enphase paid $6.3 million in interest expense and fees on the term loan in 2018. The repayment eliminates any future interest expenses and fees on this term loan.
  • The repayment will lead to the removal of liens on all of Enphase’s assets, providing greater operating flexibility.

“We are pleased to announce the repayment of our term loan which substantially reduces interest expense for our company,” said Eric Branderiz, CFO of Enphase Energy. “Based on our improved financial stability and a strengthened balance sheet, we believe we are well-positioned to drive growth and create further shareholder value. We wish to thank TCP, which has been a very strong partner with us during our financial rebound in the past two years.”

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that connect solar generation, storage and management on one intelligent platform. The Company revolutionized solar with its microinverter technology and produces the world’s only truly integrated solar plus storage solution. Enphase has shipped more than 18 million microinverters, and over 820,000 Enphase systems have been deployed in more than 120 countries. For more information, visit www.enphase.com  and follow the company on Facebook, LinkedIn and Twitter.

Enphase Energy®, the Enphase logo and other trademarks or service names are the trademarks of Enphase Energy, Inc.

Forward Looking Statements

This press release may contain forward-looking statements, including statements related to Enphase Energy's financial performance, market demand and expected availability dates for its products, expected performance and advantages of its technology, and market trends. These forward-looking statements are based on Enphase's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in Enphase’s most recent Annual Report on Form 10-K and other documents on file with the SEC and available on the SEC's website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

Contact:

Christina Carrabino
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com
+1-707-763-4784 x7294

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Source: Enphase Energy, Inc.