Iofina PLC - Debt Refinancing Signed
("Iofina", the "Company" or the "Group")
(LSE AIM: IOF)
Debt Refinancing Signed
Iofina, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, is pleased to announce that it has signed binding documentation to refinance its entire debt by entering into a new loan agreement (the "Facility") with First Financial Bank, (NASDAQ: FFBC), a
The Facility comprises two parts:
· A 7-year term loan for
o Iofina and First Financial Bank also simultaneously entered into an interest rate swap transaction to fix the interest rate at 3.99% throughout the 7-year term of
· A 2-year asset based revolving line of credit for up to
The Facility will be fully secured against the assets of the Group. The Facility contains customary financial covenants as well as affirmative and negative covenants usual for transactions of this type, including limitations with respect to indebtedness, liens, investments and disposition of assets. Additionally, if the Group generates excess cash flow in 2021 or 2022, as detailed in the Facility, Iofina is required to use 25% of such excess cash flow to prepay the term loan, with such prepayments due
Iofina were advised and supported by finnCap Debt Advisory on this transaction.
Commenting, President and CEO of Iofina Dr.
CEO & President
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Iofina plc (AIM: IOF) is a vertically integrated Company that specialises in the production of Iodine and the manufacturing of specialty chemical products. As the second largest producer of iodine in
Iofina Resources develops, builds, owns and operates iodine extraction plants using Iofina's WET® IOsorb® technology. Iofina currently operates five producing IOsorb® plants in
Iofina Chemical has manufactured high quality halogen speciality chemicals derived from raw iodine, as well as non-iodine based products for over 35 years.
Iofina's newest subsidiary, IofinaEX, is fully licensed to process hemp in the state of
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Quick facts: Iofina PLC
Market Cap: £25.42 m
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