CHARLOTTE, N.C., Aug. 19, 2011 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher Hygiene") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitation products and services, today announced that it has filed a Form 8-K with the Securities and Exchange Commission in relation to a series of agreements it entered into on August 12, 2011 with several financial organizations to provide additional financing of up to $62.5 million.
General Electric Capital Corporation ("GE"), SunTrust Equipment Finance and Leasing Corporation and Wells Fargo Equipment Finance, Inc. ("Wells/SunTrust") have committed to provide Swisher Hygiene's Waste Division up to $35.0 million of fixed term loans of 48-60 months for new and used vehicles and containers. Macquarie Equipment Finance, LLC has also agreed to provide $2.5 million of financing for information technology and related equipment.
"We are very pleased with these financing transactions, as we now have the option to utilize these facilities or our cash flow from operations to fund on-going capital expenditures while preserving the available funds from our line of credit, cash on our balance sheet, and cash flow from operations to further our acquisition activities," said Steven R. Berrard, Chief Executive Officer of Swisher Hygiene. "We believe the addition of these three well-known and respected financial institutions as lenders to Swisher Hygiene is further evidence and an endorsement of our progress in the development and implementation of our business plan."
Borrowings under these agreements are subject to a number of customary conditions, including Swisher Hygiene's on-going financial performance. In connection with these financing agreements, Swisher Hygiene has entered into an amendment to its Credit Facility with Wells Fargo that modifies the covenants contained in the Credit Facility. These modifications include an increase in Permitted Indebtedness to $40.0 million. This amendment will permit Swisher Hygiene to borrow up to $40.0 million of additional indebtedness, in addition to the amount available under the Credit Facility. In addition, Swisher Hygiene has obtained additional financing of up to $25.0 million from its Fleet Management Company for new and replacement vehicles for its fleet pursuant to its Master Lease Agreements.
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this news release, including any information as to the future financial or operating performance of Swisher Hygiene, constitute "forward-looking information" or "forward-looking statements" within the meaning of the U.S. federal securities laws and the Securities Act (Ontario) and are based on the expectations, estimates and projections of management as of the date of this news release unless otherwise stated. All statements other than historical facts are, or may be, deemed to be forward looking statements. The words "plans," "expects," "is expected," "scheduled," "estimates," or "believes," or similar words or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Swisher Hygiene as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Swisher Hygiene contained in this news release, which may prove to be incorrect, include but are not limited to, the various assumptions set forth herein as well as the accuracy of management's assessment of the effects of the successful completion and integration of the acquisitions. All of these assumptions have been derived from information currently available to Swisher Hygiene including information obtained by Swisher Hygiene from third-party sources. These assumptions may prove to be incorrect in whole or in part. All of the forward-looking statements made in this news release are qualified by the above cautionary statements and those made in the "Risk Factors" section of Swisher Hygiene's Annual Report on Form 10-K for the year ended December 31, 2010, Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 and the most recent registration statement on Form S-1 each filed with the Securities and Exchange Commission, available on www.sec.gov, and with Canadian securities regulators available on Swisher Hygiene's SEDAR profile at www.sedar.com, and Swisher Hygiene's other filings with the Securities and Exchange Commission and with Canadian securities regulators available on Swisher Hygiene's SEDAR profile at www.sedar.com. The forward-looking information set forth in this news release is subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking information.
Swisher Hygiene disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.
About Swisher Hygiene Inc.
Swisher Hygiene Inc. is a NASDAQ and TSX listed company that provides essential hygiene and sanitation solutions to customers throughout much of North America and internationally through its global network of company-owned operations, franchises and master licensees operating in countries across Europe and Asia. These essential solutions include cleaning and sanitizing chemicals, foodservice and laundry products, restroom hygiene programs and a full range of related products and services. The company's most recent program enhancement is its introduction of solid waste management services to commercial and residential customers in selected markets. Together, this broad set of offerings is designed to promote superior cleanliness and sanitation in all commercial environments from door to dumpster, enhancing the safety, satisfaction and well-being of employees and patrons. Swisher Hygiene's customers include a wide range of commercial enterprises, with a particular emphasis on the foodservice, hospitality, retail, industrial and healthcare industries.