Comverge secures $25M financing

N.J.-based Comverge (Nasdaq: COMV), a smart grid company, said it has secured a $25 million senior credit facility with Silicon Valley Bank. The credit includes a five-year, $15 million loan that is expected to be used to repay most of Comverge’s existing $19.8 million in subordinated convertible notes. Comverge manages more than 2,200 megawatts of clean energy capacity.

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