Perma-Fix Environmental Services, Inc.
(Nasdaq: PESI) today announced that it has renegotiated more favorable interest rate terms on its Term Loan and Revolving Line of Credit with PNC Bank. Under the Term Loan and Revolving Line of Credit, the Company will pay interest, at the Company's option, based on Prime plus, as described below, or LIBOR plus 3.5% and 3.0%, respectively. Under the original terms, the LIBOR option included a 2.5% floor, which limited the Term Loan and Revolving Line of Credit minimum interest rates to 6.0% and 5.5%, respectively. Under the Amendment, the Company and the lender have lowered the floor on the LIBOR interest rate option by 150 basis points to 1%, allowing for minimum interest rates of 4.5% and 4.0%, respectively. The Prime rate option of Prime plus 2.5% and 2.0% for the Term Loan and Revolving Line of Credit respectively, has not changed.
Louis F. Centofanti
, Chairman and CEO, commented, "Our strong cash flow and solid balance sheet have allowed us to favorably renegotiate the terms of both our Term Loan and Revolving Line of Credit. We are pleased with the terms extended by our lender and expect to take advantage of the lower LIBOR interest rates."
About Perma-Fix Environmental Services
Perma-Fix Environmental Services, Inc., a national environmental services company, provides unique mixed waste and industrial waste management services. The Company's increased focus on nuclear services includes radioactive and mixed waste treatment services for hospitals, research labs and institutions, federal agencies, including DOE, DOD, and nuclear utilities. The Company's industrial services treat hazardous and non-hazardous waste for a variety of customers including, Fortune 500 companies, federal, state and local agencies and thousands of other clients. Nationwide, the company operates seven waste treatment facilities.
This press release contains "forward
looking statements" which are based largely on the Company's expectations and are subject to various business risks and uncertainties, certain of which are beyond the Company's control. All statements, other than statements of historical facts, are forward-looking statements. Statements that include words "expect", "intend", "plan", "believe", "project", "anticipate", "estimate", and similar statements of a future or forward-looking nature are forward-looking statement. Forward
looking statements include, but are not limited to: take advantage of the lower LIBOR interest rates. These forward
looking statements are intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. While the Company believes the expectations reflected in this news release are reasonable, it can give no assurance such expectations will prove to be correct. There are a variety of factors which could cause future outcomes to differ materially from those described in this release, including, without limitation, ; future economic conditions; industry conditions; competitive pressures; LIBOR interest rates, availability of the use of LIBOR in calculating our interest rates ; and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of our 2008 Form 10-K and Form 10-Q for the quarters ending March 31, 2009, June 30, 2009, and September 30, 2009. The Company makes no commitment to disclose any revisions to forward
looking statements, or any facts, events or circumstances after the date hereof that bear upon forward
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SOURCE Perma-Fix Environmental Services, Inc.