Safe and Green Holdings Announces Preliminary Term Sheet to Refinance Waldron Facility
12 Agosto 2024 - 7:30AM
Safe & Green Holdings Corp. (NASDAQ: SGBX) (“Safe &
Green Holdings” or the “Company”), a leading developer,
designer, and fabricator of modular structures, today announced
that it has received a term sheet from a premier lender to
refinance its Waldron facility. This potential refinancing
transaction is expected to be on highly favorable terms and is
being pursued in lieu of the previously planned sale-leaseback
transaction.
The favorable terms offered are intended to
allow Safe & Green to pay off more expensive existing debt and
is expected to result in over $1 million of additional working
capital for the Company. This strategic move underscores the
Company’s commitment to strengthening its financial position while
retaining ownership of its flagship facility.
Paul Galvin, Chairperson and CEO of Safe &
Green Holdings, commented, “This anticipated refinancing is
expected to be on very favorable terms and would enable us to
retain ownership of our Waldron facility, which is a cornerstone of
our operations. Moreover, this transaction would provide us
additional working capital to accelerate our growth strategy.”
Tricia Kaelin, Chief Financial Officer of Safe
& Green Holdings, further noted, “Monetizing our equity in the
asset in order to provide working capital is non-dilutive and these
terms are more favorable compared to our current financing.”
In addition to this potential refinancing, the
Company expects to receive the Employee Retention Tax Credit (ERTC)
payment within the next year, which would provide an additional
$1.4 million of non-dilutive working capital. This anticipated
inflow will further bolster Safe & Green’s financial
flexibility as it continues to execute its strategic
initiatives.
About Safe & Green Holdings Corp. Safe & Green
Holdings Corp., a leading modular solutions company, operates under
core capabilities which include the development, design, and
fabrication of modular structures, meeting the demand for safe and
green solutions across various industries. The firm supports
third-party and in-house developers, architects, builders, and
owners in achieving faster execution, greener construction, and
buildings of higher value. The Company’s subsidiary, Safe and Green
Development Corporation, is a leading real estate development
company. Formed in 2021, it focuses on the development of sites
using purpose-built, prefabricated modules built from both wood and
steel, sourced from one of SG Holdings’ factories and operated by
the SG Echo subsidiary.
For more information,
visit https://www.safeandgreenholdings.com/ and follow us
at @SGHcorp on Twitter.
Safe Harbor Statement
Certain statements in this press release
constitute "forward-looking statements" within the meaning of the
federal securities laws. Words such as "may," "might," "will,"
"should," "believe," "expect," "anticipate," "estimate,"
"continue," "predict," "forecast," "project," "plan," "intend" or
similar expressions, or statements regarding intent, belief, or
current expectations, are forward-looking statements. These
forward-looking statements are based upon current estimates and
assumptions and include statements regarding the Company’s term
sheet from a premier lender to refinance its Waldron facility, and
the Company’s expectation to receive the Employee Retention Tax
Credit (ERTC) payment within the next year, which would provide an
additional $1.4 million of non-dilutive working capital. While
the Company believes these forward-looking statements are
reasonable, undue reliance should not be placed on any such
forward-looking statements, which are based on information
available to us on the date of this release. These forward-looking
statements are subject to various risks and uncertainties, many of
which are difficult to predict that could cause actual results to
differ materially from current expectations and assumptions from
those set forth or implied by any forward-looking statements.
Important factors that could cause actual results to differ
materially from current expectations include, but are not limited
to, the Company’s ability to successfully refinance its Waldron
facility, its ability to successfully complete its Employee
Retention Tax Credit (ERTC), and the factors discussed in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2023, and its subsequent filings with the SEC, including
subsequent periodic reports on Forms 10-Q and 8-K. The information
in this release is provided only as of the date of this release,
and we undertake no obligation to update any forward-looking
statements contained in this release on account of new information,
future events, or otherwise, except as required by law.
Investor Relations: Crescendo Communications,
LLC212-671-1020SGBX@crescendo-ir.com
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