Quest Resource Holding Corporation Extends Debt Maturities Enhancing Financial Flexibility
01 Aprile 2024 - 12:00PM
Business Wire
Garnered Support from Existing Lenders
Reflects Board’s Ongoing Commitment to Position
Quest For Long-Term Success
Quest Resource Holding Corporation (NASDAQ: QRHC) (“Quest” or
the “Company”), a national leader in environmental waste and
recycling services, today announced that it has extended the
maturity dates for its existing credit facilities held by Monroe
Capital Management Advisors, LLC and PNC Bank, NA.
The Monroe Credit Agreement maturity date has been extended to
October 19, 2026, among other changes, and the PNC Credit
Agreement’s maturity date has been extended to April 19, 2026. In
addition, the PNC Credit Agreement has been amended to upsize the
Revolving Credit Commitments (as defined in the PNC Loan
Agreement), to adjust the interest rate, and to provide for an
equipment term loan of up to $5 million, among other changes.
S. Ray Hatch, President and Chief Executive Officer of Quest,
said, “Extending our debt maturities meaningfully increases our
financial flexibility, and I am grateful for the support and
engagement of our lenders. It is a testament to their belief in
Quest and to the strength of our core business and ongoing
improvements we are making.”
Daniel Friedberg, Quest’s Chairman of the Board, added, “On our
most recent earnings call, we announced that our Board of Directors
and management team formed a committee that, with the assistance of
an independent financial advisor, will evaluate alternative
long-term debt structures to lower our cost of capital and support
future growth. The successful execution of this debt extension is
an important first step in the committee’s efforts as we continue
to position the Company for ongoing success.”
Additional information regarding the amended credit agreements
will be filed with the U.S. Securities and Exchange Commission.
About Quest Resource Holding Corporation
Quest is a national provider of waste and recycling services
that enable larger businesses to excel in achieving their
environmental and sustainability goals and responsibilities. Quest
delivers focused expertise across multiple industry sectors to
build single-source, client-specific solutions that generate
quantifiable business and sustainability results. Addressing a wide
variety of waste streams and recyclables, Quest provides
information and data that tracks and reports the environmental
results of Quest’s services, gives actionable data to improve
business operations, and enables Quest’s clients to excel in their
business and sustainability responsibilities. For more information,
visit www.qrhc.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, which provides a "safe harbor" for such statements in
certain circumstances. Actual events or results could differ
materially from those discussed in the forward-looking statements
as a result of various factors, including, but not limited to,
competition in the environmental services industry, the impact of
the current economic environment, the spread of major epidemics
(including Coronavirus) and other related uncertainties such as
government-imposed travel restrictions, interruptions to supply
chains, commodity price fluctuations, and extended shut down of
businesses, and other factors discussed in greater detail in our
filings with the Securities and Exchange Commission (“SEC”),
including our Annual Report on Form 10-K for the year ended
December 31, 2023. You are cautioned not to place undue reliance on
such statements and to consult our SEC filings for additional risks
and uncertainties that may apply to our business and the ownership
of our securities. Our forward-looking statements are presented as
of the date made, and we disclaim any duty to update such
statements unless required by law to do so.
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Investor Relations: Joe Noyons Three Part Advisors, LLC
(817) 778-8424
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