ECO MATERIAL TECHNOLOGIES, INC. ANNOUNCES NEW ASSET BASED LENDING FACILITY
Summary
SALT LAKE CITY, July 2, 2024 /PRNewswire/ -- Eco Material Technologies Inc. ("Eco" or the "Company"), the leading producer, marketer and distributor of supplementary cementitious materials ("SCMs") and producer of Green Cement products in the United States, is pleased to announce the successful closing of a new asset-based lending facility ("ABL") with Mizuho Bank, Ltd., as administrative agent, and sole lender. Under the terms of the agreement, the ABL will have a tenure of five years, providing Eco with enhanced financial flexibility and support for its strategic initiatives.This new facility will consolidate all existing current debt instruments into the new expanded facility, enabling Eco to simplify its debt structure, extend maturity, increase liquidity and reduce cost of capital. The facility includes standard fixed charge coverage ratio covenant tests to be applied.Grant Quasha, Ecos Chief Executive Officer, commented, "Eco is pleased to announce the successful refinancing of its debt and enhanced liquidity into a more streamlined and economical facility that provides flexibility to grow in the future. Going forward, we will be able to access capital when needed to grow at attractive rates without significant administrative burden. These forward-looking statements represent Ecos expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved.