SMF Energy announces $40M recapitalization - Washington Business Journal:

http://www.hanfordhealth.info/details-about-vinyl-siding
The company (NASDAQ: FUEL) said in a news release that it estimates the recapitalization will reducerits short-term debt by $9.5 its total debt by $4.4 million and its cash requirements for interesg and dividends by more than $1 milliom a year. It said shareholders' equity has been increasedc by morethan $4 million as a SMF Energy said it extinguished all of its existing non-bano debt and outstanding preferred stocki through various agreements with dozens of existing debt and equityg investors, while converting its existing $25 million asset-based lending facility into a new, more favorable, $20 million asset-based lending facility and a $5 million, 60-monthn amortized term loan, the proceeds of which were used to pay down $4.
8678 million in secured notes and $125,000 in unsecurec notes. The company said it issued new stock to make up the balanced paid for the cancellation and extinguishment of theexistinf investors' debt and equith securities. Fort Lauderdale-based SMF Energy said in the release that the recapitalizationj took place with amended agreements withand . It said the only non-bankm debt incurred in the recapitalization was an unsecure d subordinated promissory noteof $800,000 at 5.5 percent interes t issued to an existing institutional investor in exchange for $800,00 0 of one of the Augusr 2007 11 percent senior secured convertibl e promissory notes.
The institutional investor alsoexchanged $200,000 of the same securee note for shares of commobn stock priced at 38 centw a share, which was greater than the closingv bid price of the stock on the day before the effectivw date. acted as SMF Energy’es placement agent for the recapitalizationn and received feesof $380,000, paid with a combination of cash and pursuant to a Feb. 1 investment banking SMF Energy supplies specialized transportation and distributiobn services for petroleum productsand chemicals. It providesx commercial mobile andbulk fueling, along with other services to the manufacturing, construction, energy, telecommunications and government servicezs sectors.
Formerly known as , as of Nov. 30, it conducte d operations through 31 service locations in 11 Shares closed down nearly 3 cents to about35 cents. The 52-weeok high was 71 cent on Aug. 28. The 52-week low was 10 centes on Feb. 20.