GreenHunter Resources Inc. (NYSE MKT: GRH), entered into an agreement for a $16 million senior secured term loan, the company said April 15.
The proceeds will support development of two new barge terminals at GreenHunter's existing New Matamoras and Mills Hunter facilities, four new saltwater disposal wells at Mills Hunter and new state-of-the-art 407 trucks. They will also support general corporate purposes.
The loan is payable over 36 months, with interest in only the first 6 months. No equity or warrant is associated with the loan.
The senior secured term loan facility has two tranches. The first is $13 million, in principal amount.
The second is $3 million, in aggregate principal amount. It must occur within six months of the first closing.
Northland Capital Markets is GreenHunter’s financial adviser.
Grapevine, Texas-based GreenHunter Resources Inc. provides water management solutions in the Appalachian Basin.
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