LYNNHAVEN, Mass. (July 14)—Tire recycler GreenMan Technologies Inc. has found a new primary lender—New York-based Laurus Master Fund Ltd., an institutional fund specializing in direct investments in small-cap companies—and completed a $9 million financing deal.
The deal consists of a $5 million convertible, revolving working capital line of credit and a $4 million convertible term loan, according to a GreenMan release. The loan includes more than $1 million earmarked to implement full-scale tire processing operations at GreenMan's LaVergne, Tenn., plant by the end of the year.
The Lynnhaven-based recycling company ran into trouble with financing the Tennessee and other projects when its previous primary lender, Coast Business Credit, collapsed in 2003. Bob Davis, GreenMan president and CEO, and Chief Financial Officer Chuck Coppa were traveling and couldn't be reached for comment.