GlyEco and its West Virginia subsidiary (d/b/a Recovery Solutions & Technologies) entered into a combined equipment finance transaction with NFS Leasing that consisted of a new offer of lease and a lease line of up to $4.55 million.
According to the related 8-K filing, the new lease line will be used for certain operational equipment needed for glycol recovery and recycling operations.
GlyEco had previously entered into a master equipment lease agreement with NFS in 2017.
The lease line will consist of agreed upon advance payments, a first monthly payment, a security deposit, an origination fee and 60 monthly payments, along with certain credit conditions.
In connection with the lease line, GlyEco also amended its previous lease agreement with NFS and issued a Series B Common Stock Purchase Warrant to the lessor to purchase up to 287,770 shares of the company’s common stock, par value $0.0001 per share.
GlyEco is a chemical company focused on technology development and manufacturing of coolants, additives, and related performance fluids. The company serves and supports the automotive, heavy-duty, and industrial markets and specializes in coolants, additives, and related performance fluids that protect work-hard equipment.
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