|By Business Wire||
|February 24, 2014 08:03 AM EST||
Industrial Services of America, Inc. (NASDAQ: IDSA), a company that buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities for domestic users and export markets and offers programs and equipment to help businesses manage waste, today announced that it has finalized the terms of an amendment to its credit facility with Fifth Third Bank.
With this amendment, ISA will reclassify $13,668,900 of current debt to long-term debt, improving the company’s liquidity ratios and freeing up more cash to operate the business. The amendment features other important improvements, including:
- Extends the credit facility’s maturity date from April 30, 2014 to July 31, 2015
- Reduces monthly term loan payments from $105,000 to $50,000
- Reduces the interest rate on both the revolver and the Fifth Third term loan to LIBOR + 4.00% (from LIBOR + 5.00%) through June 30, 2014
- Allows the advance rate on inventory to increase from 55% to 65%.
All of these changes provide ISA with enhanced near-term liquidity. The amendment is part of a more comprehensive refinancing which ISA expects to complete soon, and which the company anticipates will bring it current with all of its suppliers. Fifth Third has waived the company’s previous defaults under the credit agreement.
In addition to amending its primary credit facility, following the filing of ISA’s Form 10-Q for the third quarter of 2013 on January 10, 2014, NASDAQ issued a letter to ISA affirming that ISA regained compliance with the NASDAQ periodic filing requirement.
Sean Garber, ISA’s President, commented, “We are pleased to have regained compliance with both Fifth Third and NASDAQ. This is the first step in a larger restructuring process that will establish a sound financial foundation and lean operating profile for ISA. We are proceeding quickly but methodically toward our goal of complete operational turnaround. Our team has pulled together and is working hard. With this collective effort, ISA will soon be properly positioned to take advantage of the numerous growth opportunities we see ahead of us.”
ISA’s SEC filings are available for review at the Securities and Exchange Commission web site at http://www.sec.gov/edgar/searchedgar/companysearch.html.
Headquartered in Louisville, Kentucky, Industrial Services of America, Inc., is a publicly traded company whose core business is buying, processing and marketing scrap metals and recyclable materials for domestic users and export markets. Additionally, ISA offers commercial, industrial and business customers a variety of programs and equipment to manage waste. More information about ISA is available at www.isa-inc.com.
This news release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ from predicted results. Specific risks include fluctuations in the price of recycled materials; varying demand for waste managing systems, equipment and services; competitive pressures in waste managing systems and equipment; competitive pressures in the waste managing business; availability and terms of capital; the company’s ability to restructure its balance sheet on favorable terms, if at all; and loss of customers. Further information on factors that could affect ISA’s results is detailed in ISA’s filings with the Securities and Exchange Commission. ISA undertakes no obligation to publicly release the results of any revisions to the forward-looking statements.
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