HII Technologies Inc. (OTC: HIIT) secured $18 million of senior secured debt funding from a group of lenders, the company said Aug. 12.
Little Rock, Ark.-based Heartland Bank led the lenders, the company said.
The lenders provided the facility, which consists of a three-year, $12 million senior secured loan and a $6 million account receivable purchase facility, HII said. The term loan closed Aug. 11, the company noted.
The facility was also provided to HII’s wholly owned subsidiaries, the company added.
If the lenders agree, the term loan could be increased by up to $10 million, HII said.
HII paid $450,000 to the lenders and also issued a four-year share purchase warrant for 2.5 million common shares, the company said. "This credit facility and the previously announced equity capital raised late June and July provides us with additional capital to fund organic growth and acquisition opportunities," said CEO Matthew Flemming.
Roth Capital Partners was HII’s financial adviser, the company said.
Houston-based HII Technologies Inc. is a domestic-focused oilfield services company.
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