ATLANTA, GA / ACCESSWIRE / January 14, 2015 / GreenParts International, Inc. (GNPT) a diversified recycling company based in Atlanta, Ga, has successfully completed a $5 million dollar long-term refinance package at a current rate of 6.25 %. This reduces the Company's average rate of debt service by approximately 75%.
Asif Balagmwala, Greenparts CEO, commented, "This improved financing is a direct result of our team's diligence in adapting to our industry's changing market conditions. The closing of this million dollar loan at just a few points over prime, marks a significant and necessary milestone achievement in the implementation of our strategic plan. We have always recognized the need to reduce our debt to a manageable level. In addition to reducing our interest costs, we have also decreased our short-term debt by over $500,000 dollars, a figure that is just over 10% of our total debt."
Additionally, the loan facilitated GreenParts making two new property acquisitions with an asset value of $2,500,000.
Balagmwala concluded, "I'm very encouraged by our progress in this successful debt consolidation. It enables us to focus on stabilizing cash flow and strengthening our core business. While we continue efforts to further reduce debt load, we are now implementing other key elements of our strategic plan including continued acquisitions and increased investment in diversification efforts. I'm excited for the opportunities I see in 2016. I know that by remaining steadfast in our commitment to the GreenParts strategic plan, we will enjoy success at every level."
Safe Harbor Statement
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.
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SOURCE: GreenParts International