Greystone Logistics enters amended $7.85M term loan and $6M revolver with IBC

GREYSTONE LOGISTICS, INC.

Term loan of $7,854,707.54 consolidates existing debt, pays $3,271,986.98 to officer Robert Rosene, and funds $1,912,828.89 in iGPS equipment purchases.
New advancing term loan facility of up to $7,000,000; revolving line increased from $4M to $6M, maturing July 29, 2024.
Interest at higher of Prime rate plus 0.5% or 4.5% on both facilities; term loans amortize over 7 years through July 2027.
Covenants: debt service coverage ratio of 1.25:1, funded debt to EBIDA ratio of 3:1, dividends capped at $500,000/yr on preferred stock, capital expenditures limited to $2M/yr.
Limited guarantees: Kruger (32.4% of debt) and Rosene ($3.5M, reducing with principal payments); collateral on substantially all assets.

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