Quest Resource Holding Corporation and certain of its subsidiaries, announced that they entered into a Loan, Security and Guaranty Agreement, dated as of February 24, 2017, with Citizens Bank, National Association as a lender, and as administrative agent, collateral agent, and issuing bank, which provides for an asset-based revolving credit facility of up to $ 20 million and an equipment loan facility in the maximum principal amount of $ 2.0 million.

Each loan under the ABL Facility bears interest, at the borrowers’ option, at either the Base Rate, plus the Applicable Margin, or the LIBOR Lending Rate for the interest period in effect, plus the Applicable Margin. The maturity date of the revolving credit facility is February 24, 2022. The ABL Facility replaces the Company’s existing senior secured loan facility.

Loans under the equipment loan facility may be requested at any time until February 24, 2019. Each loan under the equipment loan facility bears interest at either the Base Rate, plus 2.00%, or the LIBOR Lending Rate for the interest period in effect, plus the 3.00%. The maturity date of the equipment loan facility is February 24, 2022.

Certain of Quest’s subsidiaries are the borrowers under the Loan Agreement. Quest and one of our subsidiaries are guarantors under the Loan Agreement. In addition, obligations under the facility are secured by certain first-priority security interests in substantially all of the tangible and intangible personal property of the borrowers, including a pledge of the capital stock and membership interests, as applicable, of certain of their direct and indirect subsidiaries. The guarantors under the Loan Agreement have granted a first priority lien on the capital stock and membership interests, as applicable, of certain of their direct and indirect subsidiaries.

EquipmentLoan – BingNews