{"id":797261,"date":"2024-12-30T16:03:21","date_gmt":"2024-12-30T21:03:21","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/quest-resource-holding-corporation-announces-successful-completion-of-debt-refinancing\/"},"modified":"2024-12-30T16:03:21","modified_gmt":"2024-12-30T21:03:21","slug":"quest-resource-holding-corporation-announces-successful-completion-of-debt-refinancing","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/quest-resource-holding-corporation-announces-successful-completion-of-debt-refinancing\/","title":{"rendered":"Quest Resource Holding Corporation Announces Successful Completion of Debt Refinancing"},"content":{"rendered":"

\nNew Terms Significantly Reduce Interest Expense & Borrowing Costs, Extend Maturities, and Enhance Financial Flexibility
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THE COLONY, Texas, Dec. 30, 2024 (GLOBE NEWSWIRE) — Quest Resource Holding Corporation (<\/strong>Nasdaq: QRHC<\/a>) (\u201cQuest\u201d or the \u201cCompany\u201d)<\/strong>, a national leader in environmental waste and recycling services, today announced that the Company has successfully completed its refinancing process, and has amended its financing agreements with Monroe Capital Management Advisors, LLC (\u201cMonroe\u201d) and PNC Bank (\u201cPNC\u201d).<\/p>\n

\u201cEarlier this year, the Board of Directors announced the formation of a financing committee to evaluate alternative debt structures focused on lowering the Company\u2019s long-term cost of capital and supporting long-term growth. After an exhaustive process, which included discussions and proposals from multiple financing sources, the Company has executed on a new lending package that will decrease our blended interest rate margin by about 150 basis points, reducing interest expense by approximately $1 million annually. Our current lenders, Monroe and PNC, reflecting their confidence in our business, ultimately offered the most attractive terms,\u201d said Dan Friedberg, Chairman of the Board of Directors.<\/p>\n

S. Ray Hatch, President and Chief Executive Officer of Quest, added, \u201cThe substantial reduction in interest expense and rates, reduced fees, and improved terms all reflect the strong credit profile of our company and the strength of our business model. With an increased revolving credit line, improved terms, and extended maturities, our balance sheet is stronger and is well-positioned to support our long-term organic growth and opportunistic M&A strategies.\u201d<\/p>\n

\u201cWe greatly appreciate the support of our partners at PNC and Monroe and are looking forward to continuing to work with them going forward. Their confidence in our business was clearly demonstrated and positions us well for the future,\u201d said Brett Johnston, Chief Financial Officer.<\/p>\n

Summary of the amended credit agreement with Monroe Capital Management Advisors, LLC<\/p>\n