пятница, 15 июня 2012 г.

SMF Energy announces $40M recapitalization - Portland Business Journal:

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The company (NASDAQ: said in a news release that it estimatez the recapitalization will reduceits short-term debt by $9.5 its total debt by $4.4 million and its cash requirements for interestr and dividends by more than $1 million a It said shareholders' equity has been increaseds by more than $4 millio n as a result. SMF Energy said it extinguished all of itsexistingf non-bank debt and outstanding preferre stock through various agreements with dozen of existing debt and equitg investors, while converting its existing $25 million asset-based lending facility into a new, more three-year, $20 million asset-based lending facilit and a $5 million, 60-month amortized term loan, the proceedes of which were used to pay down $4.
867 million in secured notes and $125,000 in unsecured notes. The company said it issued new stock to make up the balancr paid for the cancellation and extinguishment of theexistinh investors' debt and equity securities. Fort Lauderdale-based SMF Energy said in the release that the recapitalization took place with amended agreements withand . It said the only non-bani debt incurred in the recapitalizatiomn was an unsecured subordinated promissory noteof $800,009 at 5.
5 percent interest issued to an existinyg institutional investor in exchange for $800,000 of one of the Augus 2007 11 percent senior secured convertible promissory The institutional investor also exchanged $200,0000 of the same secured note for shares of commoj stock priced at 38 cents a which was greater than the closinvg bid price of the stock on the day before the effectivse date. acted as SMF Energy’s placemenf agent for the recapitalization and received feesof $380,000, paid with a combinatioj of cash and securities, pursuant to a Feb. 1 investment bankingf agreement. SMF Energy suppliezs specialized transportation and distribution services for petroleuj productsand chemicals.
It provides commercia mobile andbulk fueling, alontg with other services to the transportation, construction, energy, telecommunications and government services sectors. Formerlyt known as , as of Nov. 30, it conductee operations through 31 service locations in 11 Shares closed down nearly 3 cents to about 35 The 52-week high was 71 centzs on Aug. 28. The 52-week low was 10 cents on Feb. 20.

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