SOUTH JORDAN — Energy technology company Headwaters Inc. said Thursday it has worked with Bank One to refinance its senior secured credit facilities.
The new facilities are expected to be in place by the end of the month.
The current facilities consist of a loan with an outstanding balance of approximately $70 million and a revolving credit arrangement of $20 million against which no funds have been drawn. The new facilities will be a loan of $50 million and a revolving credit arrangement of $50 million.
The company said it expects a $20 million repayment of the current debt of $70 million from cash on hand, which will happen simultaneously with the refinancing of the remaining $50 million from proceeds received from the new senior secured credit facility with Bank One. The savings from the new facility should exceed $1 million per year in interest, the company said.