Methes Energies completes debt refinancing to save big money

By Methes Energies International Ltd. | July 17, 2013

Methes Energies International Ltd., a renewable energy company that offers an array of products and services to biodiesel fuel producers, announces that its wholly owned subsidiary, Methes Energies Canada Inc., has finalized a CDN$1.6 million debt financing facility through a local Ontario, Canada, lender. Methes Energies will use the proceeds to pay off its outstanding term loan of CDN$1.5 million which was entered into in June 2012.

The new loan carries an annual interest rate of 12 percent compared to the 23 percent interest rate on the June 2012 Loan. The new loan requires monthly interest-only payments until it matures in July 2014. The loan is secured by Methes Energies' Sombra, Ontario, real property and other personal property, excluding its leasehold interest in rail cars and its inventory, accounts receivable and their proceeds.

Nicholas Ng, President of Methes Energies said, “We are pleased to have closed on this new loan allowing us to save thousands of dollars per month. The savings will allow us to continue to invest in our growth strategy.”

Methes Energies International Ltd. is a renewable energy company that offers a variety of products and services to biodiesel fuel producers. Methes also offers biodiesel processors that are unique, truly compact, fully automated state-of-the-art and continuous flow that can run on a wide variety of feedstocks. Methes markets and sells biodiesel fuel produced at its showcase production facility in Mississauga, Ontario, Canada, and at its recently commissioned 13 MMgy facility in Sombra, Ontario, to customers in the U.S. and Canada, as well as providing multiple biodiesel fuel solutions to its clientele. Among its services are selling commodities to its network of biodiesel producers, selling their biodiesel production and providing clients with proprietary software to operate and control their processors. Methes also remotely monitors the quality and characteristics of its clients' production, upgrades and repairs their processors and advises clients on adjusting their processes to use varying feedstock to improve the quality of their biodiesel.

 

 

 
 
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