CHARLOTTE, N.C., Sept. 4, 2012 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher Hygiene") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitation products and services, announced today that it has amended and restated its senior credit facility with Wells Fargo Bank, National Association as administrative agent. Under the amended facility, Swisher Hygiene may borrow a maximum of $50 million, provided such borrowings do not exceed amounts necessary for Swisher Hygiene to meet certain borrowing base requirements and financial covenants. Generally, the borrowing base equals (i) the sum of (a) a percentage of certain accounts of Swisher Hygiene plus (b) a percentage of certain inventory of Swisher Hygiene minus (ii) reserves determined by Wells Fargo Bank. The interest rates and maturity date under the amended facility were not modified from the prior Wells Fargo Bank credit facility. The amended facility requires that Swisher Hygiene maintain Unencumbered Liquidity, as defined in the amended facility, of at least $15 million.
The amended facility also provides an extension for the delivery of Swisher Hygiene's financial statements for the fiscal year ended December 31, 2011 and for the quarterly periods ended March 31, 2012 and June 30, 2012 until the earlier of the date on which Swisher Hygiene delivers such financial statements to the Securities and Exchange Commission or September 30, 2012. At the same time, the amended facility waives any Default or Event of Default that may exist as a result of Swisher Hygiene not timely filing its Annual Report on Form 10-K for the year ended December 31, 2011, its Quarterly Report on Form 10-Q for the period ended March 31, 2012 and its Quarterly Report on Form 10-Q for the period ended June 30, 2012, so long as Swisher Hygiene files the Form 10-K and Form 10-Qs by September 30, 2012. Swisher Hygiene cannot provide assurance as to when it will complete the filings.