Industrial Services of A... (NASDAQ:IDSA)
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1 Year : From Dec 2018 to Dec 2019
Industrial Services of America, Inc. (NASDAQ: IDSA), (the “Company” or
“ISA”), a company that buys, processes and markets ferrous and
non-ferrous metals and other recyclable commodities, and buys used autos
in order to sell used auto parts, today announced the extension of
certain debt maturity dates.
ISA previously announced a new credit facility with Bank of America,
N.A. (“BofA”) while maintaining unsecured term loans with K&R, LLC
(“K&R”) and 7100 Grade Lane LLC (“7100”). K&R and 7100 are related
parties (collectively, the “Unsecured Lenders”). Effective March 1,
2019, the Company simultaneously entered into amendments with BofA and
the Unsecured Lenders, whereby the Company prepaid $0.5 million on the
unsecured term loans in exchange for an extension of the debt maturity
date on the unsecured term loans from December 31, 2020 to December 31,
2022. Additionally, the unsecured term loans became subject to
an intercreditor and subordination agreement and the interest rate on
the unsecured loans increased from 5% per annum to 7% per annum. The
amendment with BofA extended the debt maturity date of the credit
facility from September 30, 2020 to September 30, 2022 and released
certain reserves previously required by BofA under the credit facility.
Todd L. Phillips, Chief Executive Officer, President and Chief Financial
Officer of ISA, commented, “These amendments provide greater flexibility
in ISA’s capital structure, which we believe will allow us to continue
to improve the Company’s financial results."
For more information regarding the amendments and the maturity date
extensions, refer to the Company's Current Report on Form 8-K as filed
on this date with the Securities and Exchange Commission.
Headquartered in Louisville, Kentucky, Industrial Services of America,
Inc., is a publicly traded company that buys, processes and markets
ferrous and non-ferrous metals and other recyclable commodities, and
buys used autos in order to sell used auto parts. More information about
ISA is available at www.isa-inc.com.
This news release contains forward-looking statements that involve risks
and uncertainties that could cause actual results to differ from
predicted results. Specific risks include fluctuations in commodity
prices, varying demand for metal recycling, competitive pressures in
metal recycling markets, the failure to operate the shredder
successfully, competitive pressures in the used auto parts market,
availability of liquidity and loss of customers. Further information on
factors that could affect ISA’s results is detailed in ISA’s filings
with the Securities and Exchange Commission. Except as required by law,
ISA undertakes no obligation to publicly release the results of any
revisions to the forward-looking statements.
ISA’s SEC filings are available for review at the Securities and
Exchange Commission web site at http://www.sec.gov/edgar/searchedgar/companysearch.html.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190306005797/en/
Industrial Services of America, Inc.Todd Phillips, 502-366-3452Chief
Executive Officer, President and Chief Financial Officer