AlexRenew Regular Board of Directors Meeting Agenda 2026-05-19
AlexRenew Renews Bank of America Line of Credit for $30M
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Description
The AlexRenew Board of Directors approved an extension of its line of credit with Bank of America, N.A., reducing the maximum credit from $120 million to $30 million and extending the maturity to June 30, 2028. The line will serve as interim financing for capital projects and features a variable rate, with an annual cost of $69,000 included in the FY2027 budget.
Contract Details
Contract Amount
$30,000,000 (line of credit); $69,000 annually; previously $120,000,000 at $276,000/year
Vendor
BANK OF AMERICA N.A.
Agency
Alex Renew, VA
Contract Type
FINANCIAL_SERVICES
Document Date
May 19, 2026
Contract Term
Extension to June 30, 2028
Renewal Date
2028-06-30
Renewal Info
This line of credit was most recently amended in 2024 to $120M; now decreased to $30M and extended to June 30, 2028. CEO is authorized to enter future extensions/amendments if terms are similar.
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