Greystone Announces New Long Term Financing
05 Febrero 2014 - 4:55PM
Marketwired
Greystone Announces New Long Term Financing
TULSA, OK--(Marketwired - Feb 5, 2014) - Greystone Logistics,
Inc. (OTCBB: GLGI) (OTCQB: GLGI), (the "Company") announced that
the Company and Greystone Manufacturing, L.L.C. ("GSM"), a
wholly-owned subsidiary of the Company, entered into a Loan
Agreement on January 31, 2014 with International Bank of Commerce
("IBC"), pursuant to which IBC will provide the Company and GSM
with a revolving line of credit of up to $2,500,000 and term loan
of $9,200,000. The exact amount which can be borrowed under
the revolving line of credit from time to time depends upon the
amount of the borrowing base, but can in no event exceed
$2,500,000.
The revolving line of credit bears interest at the higher per
annum rate of (i) the New York Prime Rate, plus 0.5%, and (ii)
4.0%. The borrowers are required to pay all interest accrued
on the outstanding principal balance of the revolving line of
credit on February 28, 2014, and continuing on the last day of each
month thereafter until January 31, 2016. The borrowers are
required to pay the outstanding principal balance of the revolving
line of credit on January 31, 2016. Any principal on the
revolving line of credit that is prepaid by the borrowers may be
reborrowed by the borrowers.
The term loan bears interest at 4.5% per annum. The
borrowers are required to make equal payments of principal and
interest in an amount sufficient to amortize the principal balance
of the term loan over five years, commencing on February 28, 2014,
and continuing on the last day of each month thereafter until
January 31, 2019.
The revolving line of credit will be used for general working
capital purposes. The term loan was used to repay the
borrowers' obligations to The F&M Bank & Trust Company, to
pay preferred dividends and to finance the acquisition of certain
equipment.
Bill Rahhal, Chief Financial Officer of the Company, stated that
these two new loans provided necessary capital to support the
Company's current and future growth as well as improving the
capitalization of the Company's debt. Bill Rahhal also stated
"We are very excited about the new relationship with IBC Bank and
look forward to working with them."
Forward-Looking Statements
This press release includes certain statements that may be
deemed "forward-looking statements" within the meaning of the
federal securities laws. All statements, other than statements of
historical facts that address activities, events or developments
that the Company expects, believes or anticipates will or may occur
in the future, including the potential sales of pallets or other
possible business developments, are forward-looking statements.
Such statements are subject to a number of assumptions, risks and
uncertainties, including the ability of the company to continue as
a going concern. Actual results may vary materially from the
forward-looking statements. For a list of certain material risks
relating to the Company and its products, see the Company's Form
10-K for the year ended May 31, 2013.
Contact: Warren F. Kruger President/CEO Corporate Office 1613
East 15th Street Tulsa, Oklahoma 74120 (918) 583-7441 (918)
583-7442 (FAX) http://www.greystonelogistics.com
Greystone Logistics (QB) (USOTC:GLGI)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Greystone Logistics (QB) (USOTC:GLGI)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024