Quest Resource (QRHC) said Monday it completed its debt refinancing process and amended its credit agreements with lenders Monroe Capital Management Advisors and PNC Bank.
The amended agreement with Monroe Capital for a $54 million term loan extended the maturity date to June 2030 and cut the interest rate of secured overnight financing rate plus 450 to 550 basis points depending on leverage, which is a margin reduction of 100 to 200 basis points from the previous agreement, Quest said.
The amended agreement with PNC Bank increased the revolver commitment to $45 million from $35 million and extended the maturity date to December 2029, Quest said. It also lowered the interest rate of SOFR plus 200 basis points, a margin reduction of 25 basis points from the previous deal.
The refinancing will decrease the blended interest rate margin by roughly 150 basis points, lowering interest expense by about $1 million per year, Quest Board Chair Dan Friedberg said.
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