Daily News: August 16, 2018

U.S. Bank Agents Hudson Technologies Term Loan

Hudson Technologies entered into an interim waiver and second amendment to its term loan credit and security agreement with U.S. Bank as  collateral and administrative agent.

The amendment waived compliance with the existing total leverage ratio financial covenant at June 30, 2018.  On October 15, 2018, the company will provide a certificate setting forth the total leverage ratio as of the four fiscal quarter period ending September 30, 2018, according to the amended agreement.

The amendment, among other things, also:

  • Increases the interest rate by 300 basis points effective July 1, 2018
  • Waives the existing pre-payment premium in the term loan agreement in the event the loan is repaid in full prior to March 31, 2020,
  • Adds an exit fee equal to 3.00% of the outstanding principal balance of the term loans on the date of the amendment
  • Restricts acquisitions and other equity investments prior to September 30, 2018
  • Requires payment of a one-time waiver fee equal to 1.00% of the outstanding term loans

Hudson Technologies provides innovative and sustainable solutions for optimizing performance and enhancing reliability of commercial and industrial chiller plants and refrigeration systems.