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Swisher Closes New $20MM Revolving Credit Facility With Siena Lending

September 03, 2014, 07:41 AM
Filed Under: Specialty Industries

Swisher Hygiene Inc. has closed on a $20 million revolving credit facility with Siena Lending Group LLC. Interest on borrowings under the credit facility will accrue at the Base Rate plus 2.00%. Base Rate is defined as the greater of (1) the Prime Rate, (2) the Federal Funds Rate plus 0.50%, or (3) 3.25%. Interest will be payable monthly and the facility matures on August 29, 2017.

"As we continue to progress toward achieving positive operating cash flow and maximizing profitability, we are pleased to strengthen our financial position and liquidity through this new credit facility, providing us with additional flexibility to support our future growth," said William M. Pierce, President and Chief Executive Officer of Swisher.  "Siena's principals have a proven track record of successful loan partnerships and we look forward to a long-term relationship."

"It has been a pleasure working with Swisher's professional management team," said Dave Grende, Chief Executive Officer of Siena Lending Group LLC. "We were able to structure a facility that provides the Company with the flexibility that they require. Siena is delighted to add Swisher as a client and looks forward to a long-standing relationship."

Under the facility, borrowings and availability are subject to borrowing base calculations and limitations, and compliance with other terms specified in the agreement. Borrowings under the facility are secured by a first priority lien on certain of Swisher's and its subsidiaries' assets. 

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