Iofina PLC - London-based iodine producer - Agrees with current lender First Financial Bank for the provision of two new term loans for use on expansion projects, and extending the current asset-based revolving line of credit for an additional two years.
One is a USD2.7 million seven-year term loan for construction of the IO-9 plant, with an interest rate of 2.6% plus SOFR. The second loan is worth USD1.7 million on a five-year term loan for Iofina Chemical capital projects, with an interest rate of 2.5% plus SOFR.
For the first half of 2022, Iofina Resources produced 234.0 metric tonnes of crystalline iodine from its five IOsorb plants in Oklahoma, in line with guidance of 225 to 240 metric tonnes.
"Being granted these new low-cost loans underlines the health of the business and the strength of our balance sheet. By combining these facilities with our existing cash resources, Iofina has the flexibility to accelerate its growth plans, with the aim of moving quickly to develop additional iodine production as soon as the agreement for IO-9 is finalised," says Chief Executive Officer Tom Becker.
Current stock price: 27.49 pence
12-month change: up sharply from 13.73p
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Iofina (IOF)