Hudson Technologies has entered into a new revolving credit facility with Wells Fargo Bank, which provides up to $60 million in borrowing capacity from time to time, subject to a borrowing base.

In conjunction with entry into the Wells Fargo credit facility, the company repaid in full its revolving loans from PNC Bank, and the revolving credit facility with PNC Bank was terminated.

In addition, on December 19, 2019 Hudson entered into a waiver and fourth amendment to its term loan credit and security agreement.

“We are pleased to have entered into a new revolving credit facility as well as to have successfully amended our existing term loan facility. We appreciate the support of our new and existing lending partners and the patience of our shareholders as we finalized these agreements and we look forward to driving improved operating performance as we enter 2020,” said Kevin Zugibe, chairman and CEO of Hudson Technologies.

The fourth amendment waived financial covenant defaults at June 30, 2019 and September 30, 2019 and amended the term loan credit and security agreement to reset the maximum total leverage ratio financial covenant through December 31, 2021; reset the minimum liquidity requirement; and added a minimum LTM adjusted EBITDA covenant.

Hudson Technologies is a provider of sustainable solutions for optimizing performance and enhancing reliability of commercial and industrial chiller plants and refrigeration systems.