- Extends the credit facility’s maturity date from April 30, 2014 to July 31, 2015
- Reduces monthly term loan payments from $105,000 to $50,000
- Reduces the interest rate on both the revolver and the Fifth Third term loan to LIBOR + 4.00% (from LIBOR + 5.00%) through June 30, 2014
- Allows the advance rate on inventory to increase from 55% to 65%.
Industrial Services of America, Inc. (NASDAQ: IDSA), a company that buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities for domestic users and export markets and offers programs and equipment to help businesses manage waste, today announced that it has finalized the terms of an amendment to its credit facility with Fifth Third Bank. With this amendment, ISA will reclassify $13,668,900 of current debt to long-term debt, improving the company’s liquidity ratios and freeing up more cash to operate the business. The amendment features other important improvements, including: