AlexRenew Board of Directors AgendaPacket 2026-05-19
AlexRenew Extends $30M Line of Credit to 2028
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Description
The AlexRenew Board approved Resolution 26-001 to modify its line of credit with Bank of America, N.A., reducing the limit to $30 million and extending the maturity to June 30, 2028. The revolving subordinate-debt facility will continue to support interim financing for capital projects and RiverRenew-related expenditures.
Contract Details
Contract Amount
$30 million line of credit; annual cost $69,000
Vendor
BANK OF AMERICA NA
Agency
AlexRenew, VA
Contract Type
FINANCIAL_SERVICES
Document Date
May 19, 2026
Contract Term
Through June 30, 2028
Renewal Date
2028-06-30
Renewal Info
Originally procured January 2020 at $30 million, increased to $120 million in 2024, and now extended with a reduced maximum principal of $30 million through June 30, 2028. CEO is authorized to execute future extensions and amendments and new lines of credit within the same parameters.
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