ChargePoint Holdings, Inc. (NYSE: CHPT), a prominent electric vehicle (EV) charging network, has announced a new credit agreement for a $150 million revolving credit facility. The credit facility is led by J.P. Morgan Chase Bank as Administrative Agent and Joint Lead Arranger, with HSBC Innovation Banking as Joint Lead Arranger. Citi and Goldman Sachs will act as Documentation Agents.
According to Rex Jackson, CFO of ChargePoint, this credit facility with four global banking partners will strengthen the company’s ability to capitalize on market opportunities and aligns with their corporate financing strategy. The facility reaffirms ChargePoint’s strong standing with capital sources and emphasizes their commitment to maintaining a solid balance sheet while pursuing their goal of achieving positive adjusted EBITDA and positive cash flow by the end of calendar 2024.
As of now, the credit facility remains undrawn. Additional details about this development can be found in a Current Report on Form 8-K, which ChargePoint intends to file with the Securities and Exchange Commission today.
