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BioHiTech Global Completes $5M Non-Convertible Senior Secured Debt Financing
BioHiTech Global Completes $5M Non-Convertible Senior Secured Debt Financing.
About this update from Renovare Environmental, Inc.
[{"type":"text","content":"\n\n\n\nBioHiTech Global Completes $5M Non-Convertible Senior Secured Debt Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBioHiTech Global Completes $5M Non-Convertible Senior Secured Debt Financing\nPR Newswire\nCHESTNUT RIDGE, N.Y., Feb. 6, 2018\n\n\n\nCHESTNUT RIDGE, N.Y., Feb. 6, 2018 /PRNewswire/ -- BioHiTech Global, Inc. (\"BioHiTech\" or the \"Company\") (OTCQB: BHTG), a technology and services company that provides cost-effective and sustainable waste management solutions, today announced the completion of a $5M non-convertible senior secured debt financing (the \"Debt Financing\") with Michaelson Capital Special Finance Fund II, L.P. (\"MCSFF\").  \n\n\n \n \n\n \nThe Company intends to use the net proceeds of the Debt Financing to repay certain debt and for working capital to accelerate the growth of its cost-effective, sustainable waste disposal technology solutions.    \n\n\"We continue to strengthen our balance sheet in order to position BioHiTech for sustainable long-term growth,\" states Frank E. Celli, Chief Executive Officer of BioHiTech Global.  \"This $5M financing provides our Company with greater financial flexibility to implement our aggressive growth plan to build value for our stockholders.  Over the past several months we have completed a series of transactions, including our recent equity investment in Gold Medal Services, that have resulted in a significant improvement in shareholder equity.  We are confident that our Company is on far more solid financial ground to build for the future and move forward with our plan to uplist to a national exchange.\"  \n\nThe Debt Financing carries a five-year maturity and bears an interest rate of 10.25% per annum.  As part of the Debt Financing, the Company issued 320,000 shares of restricted BioHiTech common stock to MCSFF.  Simultaneously with the closing of the Debt Financing, the Company's CEO, Frank E. Celli exchanged $5M in debt and advances for $4M in a newly issued preferred stock convertible into the Company's common stock at $4.50 per sh...