Hudson Technologies completes new $85 million term loan


WOODCLIFF LAKE, NJ, March 02, 2022 (GLOBE NEWSWIRE) — Hudson Technologies, Inc. (NASDAQ: HDSN), a leading provider of innovative and sustainable refrigeration products and services to the heating, cooling, ventilation, air conditioning and refrigeration – and one of the nation’s largest refrigerant reclaimers, today announced that it has entered into a new $85 million term loan agreement with TCW Asset Management Company LLC. In addition, Hudson amended its existing revolving credit facility to increase the overall facility to $90 million, with TCW participating in a $15 million first-in-last-out (FILO) loan, and Wells Fargo continuing to service the facility and to provide up to another borrowing capacity of $75 million.

Brian Coleman, CEO of Hudson Technologies, said, “Refinancing our debt and securing sufficient availability for the future is a key development for Hudson, reflecting our strong operating model and improving performance. . Our cost of capital and our interest charges will improve significantly; the overall effective interest rate on the new term loan will be approximately 3% lower than the previous term loan. Additionally, excess availability under the newly expanded ABL facility is currently over $50 million, which provides sufficient liquidity to help us meet our needs over time. We appreciate the support of our new and existing lending partners, and look forward to continuing to drive long-term growth and cash flow as Hudson Recovery Services plays an increasingly important role in the transition to more environmentally friendly refrigerants.

Concurrent with the closing of the new term loan facility and the amended revolving credit facility, the Company’s existing term loan was fully repaid and terminated.

Additional details regarding the new term loan and the amended revolving credit facility will be provided in a Form 8-K to be filed with the Securities and Exchange Commission.

About Hudson Technologies

Hudson Technologies, Inc. is a leading provider of innovative and sustainable refrigeration products and services to the heating, ventilation, air conditioning and refrigeration industry. For nearly three decades, we have demonstrated our commitment to our customers and the environment by becoming one of the premier refrigerant reclaimers in the United States through multi-million dollar plant investments and advanced separation technology. necessary to recover a wide variety of refrigerants and restore them to the standards of the Air Conditioning, Heating and Refrigeration Institute for reuse as EMERALD™ Certified Refrigerants. The Company’s products and services are primarily used in commercial air conditioning, industrial process and refrigeration systems, and include the sale of industrial refrigerants and gases, refrigerant management services consisting primarily of refrigerant recovery and RefrigerantSide® services performed at a customer’s site, consisting of a decontamination system to remove moisture, oils and other contaminants. The Company’s SmartEnergy OPS® service is a web-based real-time monitoring service applicable to a facility’s refrigeration and other energy systems. The Company’s Chiller Chemistry® and Chill Smart® services are also predictive and diagnostic service offerings. As a component of the Company’s products and services, the Company also generates carbon offset projects.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements contained herein that are not historical facts constitute forward-looking statements. These forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied. -understood by these forward-looking statements. research statements. These factors include, but are not limited to, changes in laws and regulations affecting the industry, changes in refrigerant demand and price (including adverse market conditions adversely affecting refrigerant demand and price ), the Company’s ability to source refrigerants, regulatory and economic factors, seasonality, competition, litigation, the nature of agreements with suppliers or customers that will become available to the Company in the future , adverse weather conditions, possible technological obsolescence of existing products and services, possible reduction in transportation value of long-term assets, estimates of the useful life of its assets, potential environmental liability, concentration of customers, the ability to obtain financing, the ability to meet financial commitments under the f existing credit facilities, any delays or interruptions in the supply of products and services to market, the timely availability of all necessary permits and authorizations from governmental entities and third parties as well as factors relating to the conduct of business in outside the United States, including changes in the laws, regulations, policies and political, financial and economic conditions, including inflation, interest rates and exchange rates, of the countries in which the Company may seek to conduct its business, the Company’s ability to successfully integrate the assets it acquires from third parties into its operations, the impact of the current COVID-19 pandemic and other risks detailed in the 10-K of the Company for the year ended December 31, 2020 and other subsequent filings with the Securities and Exchange Commission. The words “believe”, “expect”, “anticipate”, “may”, “plan”, “should” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.

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