The new capital structure includes a $210 million senior term loan, a $150 million delayed draw term loan for future investments, a $50 million revolving credit facility, and a $75 million letter of credit. This financial maneuver is supported by a $130.5 million project financing from one of CenTrio's concessions, alongside additional capital from majority sponsors QIC and Ullico.
CenTrio Secures $485 Million Refinancing to Fuel Infrastructure Expansion
District energy provider CenTrio has finalized a $485 million credit facility, marking a pivot toward aggressive capital deployment. The oversubscribed transaction, backed by lead arranger Apterra Infrastructure Capital, provides the company with the liquidity required to scale its sustainable heating and cooling operations across key U.S. markets.
Ralph Cho and Michael Pantelogianis, co-CEOs of Apterra, attributed the deal’s success to investor confidence in CenTrio’s multi-decade track record. CenTrio CEO Eric Miller stated the funding will directly support partnerships with healthcare systems, data centers, and universities, allowing the firm to accelerate its decarbonization objectives across its national portfolio, which spans cities from Chicago to Los Angeles.
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