LYNNFIELD, Mass. (July 12) — GreenMan Technologies Inc. has completed a new three-year, $16 million credit facility with lender Laurus Master Fund Ltd., a Cayman Islands company.
The credit facility includes all of GreenMan´s wholly owned subsidiaries. It consists of a $5 million non-convertible secured revolving note, the proceeds of which are based on the companies´ "eligible collateral" at the time of advance and an $11 million secured non-convertible term note.
GreenMan said it used approximately $10 million of the term note proceeds to repay existing debt — including approximately $8.5 million due to Laurus and $1.2 million due to GreenMan Technologies of Iowa Inc.´s primary lender — and to pay approximately $878,000 of transaction fees associated with the credit facility.