Siena Lending Closes $20MM Revolver for Swisher
Swisher Hygiene announced it has closed on a $20 million revolving credit facility with Siena Lending Group. Interest on the borrowings under the credit facility will accrue at the base rate plus 2.00%. The facility will mature on August 29, 2017.
As we continue to progress toward achieving positive operating cash flow and maximizing profitability, we are pleased to strengthen our financial position and liquidity through this new credit facility, providing us with additional flexibility to support our future growth, said William M. Pierce, president and CEO of Swisher. Siena’s principals have a proven track record of successful loan partnerships and we look forward to a long-term relationship.
It has been a pleasure working with Swisher’s professional management team, said Dave Grende, chief executive officer of Siena Lending Group. We were able to structure a facility that provides the company with the flexibility that they require. Siena is delighted to add Swisher as a client and looks forward to a long-standing relationship.
Under the facility, borrowings and availability are subject to borrowing base calculations and limitations, and compliance with other terms specified in the agreement. Borrowings under the facility are secured by a first priority lien on certain of Swisher’s and its subsidiaries’ assets.
Charlotte, NC-based Swisher Hygiene provides essential hygiene and sanitizing solutions to customers in a wide range of end-markets, with a particular emphasis on the foodservice, hospitality, retail and healthcare industries.