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8-K - FORM 8-K - Swisher Hygiene Inc. | g26751e8vk.htm |
EX-10.3 - EX-10.3 - Swisher Hygiene Inc. | g26751exv10w3.htm |
EX-10.1 - EX-10.1 - Swisher Hygiene Inc. | g26751exv10w1.htm |
EX-10.2 - EX-10.2 - Swisher Hygiene Inc. | g26751exv10w2.htm |
EXHIBIT 99.1
March 31, 2011
Swisher Hygiene Announces New Senior Secured Credit Facility Providing Up to $100 Million
CHARLOTTE, N.C., March 31, 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 a new $100 million senior secured revolving credit facility with Wells
Fargo Bank, NA. Interest on borrowings under the credit facility will generally accrue at London
Interbank Offered Rate (LIBOR) plus 2.5% to 4.0%, depending on the ratio of senior debt to
Consolidated EBITDA (as such term is defined in the credit agreement), and interest will be payable
no more frequently than monthly on all outstanding borrowings. The credit facility matures on July
31, 2013.
We are pleased to enter into this credit facility, and we intend to use the facility to fund our
organic and acquisition growth strategy, as well as for working capital purposes, said Steven R.
Berrard, Chief Executive Officer of Swisher Hygiene. With the funds borrowed from the new
facility, we intend to fully repay the $25 million outstanding on our existing credit facilities.
Under the new credit facility, Swisher Hygiene has initial borrowing availability of $32.5 million,
which it expects will increase to the fully committed $100 million amount upon delivery of our
audited financial statements for the year ended December 31, 2010 and unaudited quarterly financial
statements for the quarter ended March 31, 2011. Borrowings under the facility are secured by a
first priority lien on substantially all of Swisher Hygienes existing and hereafter acquired
assets, including $25 million of cash on borrowings in excess of $75 million. Borrowings and
availability under the facility are subject to compliance with financial covenants and other terms
specified in the agreement.
Additional details regarding the credit facility will be included in a Form 8-K to be filed with
the Securities and Exchange Commission and Canadian securities commissions.
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 certain
securities laws, including the provisions of 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. Forward-looking statements include, but are not limited to, possible events and
statements with respect to possible events. 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. 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 Hygienes registration statement on Form 10 filed with the Securities and
Exchange Commission, available on www.sec.gov, and with Canadian securities regulators
available on Swisher Hygienes SEDAR profile at www.sedar.com, and Swisher Hygienes other
filings with the Securities and Exchange Commission and with Canadian securities regulators
available on Swisher Hygienes SEDAR profile at www.sedar.com. These factors are not
intended to represent a complete list of the factors that could affect Swisher Hygiene.
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, 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 77 company-owned operations, 6 franchises and 10 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 companys 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 Hygienes customers include a wide range of commercial enterprises,
with a particular emphasis on the foodservice, hospitality, retail, industrial and healthcare
industries.
CONTACT: Swisher Hygiene Inc.
Investor Contact:
Amy Simpson
Phone: (704) 602-7116
Don Duffy, ICR
Phone: (203) 682-8215
Media Contact:
Alecia Pulman, ICR
Phone: (203) 682-8332