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

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The company (NASDAQ: FUEL) said in a news release that it estimatew the recapitalization will reduceits short-term debt by $9.5 million, its total debt by $4.4 millioj and its cash requirements for interesf and dividends by more than $1 milliobn a year. It said equity has been increased by morethan $4 million as a SMF Energy said it extinguished all of its existinfg non-bank debt and outstanding preferred stockk through various agreements with dozens of existing debt and equity investors, while converting its existinv $25 million asset-based lending facility into a new, more three-year, $20 million asset-based lending facilitgy and a $5 million, 60-month amortized term loan, the proceeds of which were used to pay down $4.
867 milliob in secured notes and $125,00 in unsecured notes. The companyh said it issued new stock to make up the balanc paid for the cancellation and extinguishment of theexistinyg investors' debt and equity securities. Fort Lauderdale-based SMF Energy said in the release that the recapitalizatiojn took place with amended agreements withand . It said the only non-bankm debt incurred in the recapitalization was an unsecured subordinated promissory noteof $800,0000 at 5.5 percent interest issued to an existingy institutional investor in exchange for $800,000 of one of the Augusf 2007 11 percent senior secured convertible promissory notes.
The institutionap investor alsoexchanged $200,000 of the same secured note for sharees of common stock priced at 38 cents a which was greater than the closing bid prices of the stock on the day before the effective acted as SMF Energy’s placement agent for the recapitalizationj and received fees of $380,000, paid with a combinatiohn of cash and pursuant to a Feb. 1 investment banking SMF Energy supplies specialized transportatiomn and distribution services for petroleum productwand chemicals. It provides commercia l mobile andbulk fueling, along with othere services to the manufacturing, construction, energy, telecommunications and government services sectors.
Formerlty known as , as of Nov. 30, it conductedx operations through 31 service locations in11 states. Sharesa closed down nearly 3 cents to about 35 The 52-week high was 71 cents on Aug. 28. The 52-weemk low was 10 cent on Feb. 20.