Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
The latest update is out from Smart Sand ( (SND) ).
Smart Sand, Inc. has secured a new five-year senior secured asset-based credit facility of up to $30 million, with First-Citizens Bank & Trust Company as the agent. This facility, which includes a $1 million initial draw and a $29 million available balance, is supported by inventory and accounts receivable. It comes with an interest rate based on SOFR plus 2.75%, and is backed by a first-priority security interest in the company’s assets, excluding certain real estate and sand reserves. The agreement imposes several operational restrictions on the company and requires maintaining a minimum fixed charge coverage ratio under specific conditions. Concurrently, the company terminated its prior credit facility, which allowed for up to $20 million in non-amortizing revolving loans.
For detailed information about SND stock, go to TipRanks’ Stock Analysis page.