By: greenbank On: May 01, 2018 In: Comments: 0

In May 2017, NY Green Bank provided a $43.3 million term loan (the “Term Loan”) and a $5.0 million seasonal variable funding note (the “SVFN”, collectively with the Term Loan, the “Credit Facilities”) to NYC Bike Share, LLC (“NYCBS”). NYCBS is the exclusive operator of the NYC bike share system (“Citi Bike”) which is comprised of 12,000 bikes and 750 stations and is the largest bike share system in North America. Proceeds from the original Credit Facilities primarily supported the addition of 2,000 bikes primarily in low-to-moderate income (“LMI”) neighborhoods in Harlem, Queens, and Brooklyn and enabled NYCBS to address the seasonal nature of its business when there is lower ridership in winter months. In May 2018, due to favorable transaction performance within this new asset class, NYGB increased the Term Loan amount outstanding by $6.0 million.

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