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The company (NASDAQ: FUEL) said in a news releaser that it estimates the recapitalization will reduceits short-term debt by $9.5 its total debt by $4.4 million and its cash requirements for interest and dividends by more than $1 milliob a year. It said shareholders' equity has been increasefd by morethan $4 million as a result. SMF Energ said it extinguished all of itsexistinhg non-bank debt and outstanding preferred stock through variou agreements with dozens of existiny debt and equity investors, while converting its existing $25 million asset-bases lending facility into a new, more three-year, $20 million asset-based lendiny facility and a $5 million, 60-month amortizee term loan, the proceeds of whic h were used to pay down $4.
867 million in secured notes and $125,000 in unsecured notes. The companyt said it issued new stock to make up the balancre paid for the cancellation and extinguishment of theexistingh investors' debt and equity securities. Fort Lauderdale-based SMF Energty said in the release that the recapitalization took place with amended agreementas withand . It said the only non-bank debt incurred in the recapitalization was an unsecured subordinatedf promissory noteof $800,000 at 5.5 percenrt interest issued to an existing institutionall investor in exchange for $800,000 of one of the Augustt 2007 11 percent senior secured convertible promissorg notes.
The institutional investor alsoexchanged $200,000 of the same secureds note for shares of common stock pricefd at 38 cents a share, which was greater than the closinbg bid price of the stock on the day before the effectivs date. acted as SMF Energy’s placement agenr for the recapitalization and received fees of paid with a combination of cash and pursuant toa Feb. 1 investmen banking agreement. SMF Energy suppliew specialized transportation and distribution services for petroleujm productsand chemicals.
It provides commercial mobile andbulk fueling, along with othefr services to the transportation, manufacturing, construction, energy, telecommunicationws and government services sectors. Formerly knowj as , as of Nov. 30, it conductef operations through 31 service locations in11 states. Shared closed down nearly 3 centws to about35 cents. The 52-weem high was 71 cents on Aug. 28. The 52-weeo low was 10 cents on Feb. 20.
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