Hudson Technologies Receives Commitment for $27 Million Facility
Hudson Technologies, Inc. announced that it has entered into a commitment letter for the establishment of a new, three-year $27 million secured revolving credit facility with one of the nation’s largest diversified financial services organizations. The new facility would replace the company’s current $15 million revolving credit facility with Keltic Financial Partners, LP that is scheduled to mature on June 26, 2012.
The closing for the new facility, which is subject to various customary closing conditions and the preparation of definitive documentation, is expected to be completed by mid-June 2012.
Kevin J. Zugibe, chairman and CEO of Hudson Technologies commented, “With the growth we have experienced this year, we believe this new facility should enable us to capitalize on anticipated opportunities arising from recent and dramatic developments in our industry. In addition to building on a strategy for growth in revenues and profitability from the current R-22 refrigerant phase-out, we have also been strengthening our balance sheet to facilitate our continuing long-term growth efforts. This new facility is expected to support the development of our business, at an attractive cost of capital, through 2013 and beyond.”
Hudson Technologies, Inc. is a provider of solutions to recurring problems within the refrigeration industry. Hudson’s proprietary RefrigerantSide Services increase operating efficiency and energy savings, and remove moisture, oils and other contaminants frequently found in the refrigeration circuits of large comfort cooling and process refrigeration systems.