In contrast, federal monitoring, intended as an accountability measure, was thought to be weak, "without any teeth," in the words of a legal advocate--despite the fact that some of the federal monitoring visits had specifically targeted LRE
as a prominent issue.
As of November 29, 2012, and after taking into account the estimated total adjusted purchase price of the transaction, LRE
will have approximately $45 million borrowing capacity under its revolving credit facility ($250 million borrowing base less $205 million of outstanding borrowings) and approximately $8 million of cash on hand.
In my view, the most significant finding presented by Danielson and Bellamy is that while the movement toward less restrictive placement has changed little over time, the application of the concept of LRE
has varied greatly across states; One could argue that both the resistance to change and the variability may be due in large part to a misconception of LRE
, rather than to any extensive real variations in the actual conditions or circumstances that may exist within and between the states.
Finance, at least one analyst has issued a price target for LRE
stock at $16.
The term loan has customary covenants, including financial covenants requiring LRE
to not exceed a maximum total debt to EBITDAX ratio and to maintain a minimum current ratio and minimum proved reserve PV-10 to total debt ratio.
Based on adjustments from the effective date, LRE
closed the acquisition with $65.
At the ceremony, LRE
also announced it has formed a partnership with Samsung C&T Corporation to further advance its business plan in U.
Flanagan added, "Building on the success of our New Jersey Oak Solar project earlier this year, LRE
is now one of the very few large-scale solar companies with a successful track record coast-to-coast.
expects to finance the transaction with borrowings under its existing bank credit facility.
I am delighted to have an executive of Dan's caliber join the LRE
team," said Lincoln Renewable Energy CEO Declan Flanagan.
The project is being constructed by Quanta Renewable Energy Services and The Ryan Company under a comprehensive engineering, procurement and construction services agreement with LRE
Following project completion, Quanta will operate and maintain the facility under contract with LRE