GE Capital Agents GSE Holding Facility Amendment
GSE Holding announced that the company and its senior secured lenders, led by GE Capital as agent, amended the company’s secured first lien credit facility and its secured revolving super priority credit facility to extend certain milestones relating to the sale of the Company. Additionally, the lenders agreed to eliminate the requirement of an interest reserve, the result of which provides an additional $1.3 million of liquidity to the company.
“Over the last several months, with the help of Moelis & Company LLC, the company has been engaged in a robust process with respect to the sale,” said President and CEO Chuck Sorrentino. “In the meantime, our global employees are continuing to provide our customers with excellent products and services as they have come to expect from GSE.”
Pursuant to the amendments, the company now has until April 21, 2014 under its secured first lien credit facility and April 30, 2014 under its secured revolving super priority credit facility to close a sale of its business acceptable to the lenders.
GSE Holding is a global manufacturer and marketer of geosynthetic lining solutions, products and services used in the containment and management of solids, liquids and gases for organizations engaged in waste management, mining, water, wastewater and aquaculture.