Energy Focus (EFOI) entered into a $5M revolving credit facility with Austin Financial Services.
The borrowings under the credit facility are limited to a borrowing base requirement based on 85% of eligible receivables, plus available inventory (to a maximum $500 thousand for the inventory portion).
The Credit Facility is a three-year agreement, secured by a lien on domestic assets, expiring on December 31, 2021, unless terminated sooner.
Source: Press Release
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