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Danimer Scientific, a leading bioplastics company, secured a $20 million asset-based revolving credit facility with Mountain Ridge Capital. The credit agreement is backed by the company's accounts receivable and inventory, with potential for an additional $5 million increase. The facility provides flexibility for Danimer Scientific's future growth and operations.
Danimer Scientific, un'azienda leader nei bioplastici, ha ottenuto un finanziamento rotativo basato sugli attivi di 20 milioni di dollari con Mountain Ridge Capital. L'accordo di credito è garantito dai crediti commerciali e dall'inventario dell'azienda, con la possibilità di un aumento ulteriore di 5 milioni di dollari. Il finanziamento offre flessibilità per la crescita futura e le operazioni di Danimer Scientific.
Danimer Scientific, una empresa líder en bioplásticos, aseguró una línea de crédito rotativa basada en activos de 20 millones de dólares con Mountain Ridge Capital. El acuerdo de crédito está respaldado por las cuentas por cobrar y el inventario de la empresa, con potencial para un aumento adicional de 5 millones de dólares. La facilidad proporciona flexibilidad para el crecimiento futuro y las operaciones de Danimer Scientific.
바이오플라스틱 분야의 선도 기업인 다니머 사이언티픽이 마운틴 리지 캐피탈과 2천만 달러의 자산 기반 회전 신용 시설을 확보했습니다. 이 신용 계약은 회사의 매출채권과 재고에 의해 보장되며, 추가로 5백만 달러가 증가될 수 있는 잠재력을 가지고 있습니다. 이 시설은 다니머 사이언티픽의 미래 성장과 운영에 유연성을 제공합니다.
Danimer Scientific, une entreprise leader dans le domaine des bioplastiques, a sécurisé une facilité de crédit renouvelable basée sur les actifs de 20 millions de dollars avec Mountain Ridge Capital. Le contrat de crédit est garanti par les comptes clients et les stocks de l'entreprise, avec un potentiel d'augmentation de 5 millions de dollars supplémentaires. Cette facilité offre une flexibilité pour la croissance future et les opérations de Danimer Scientific.
Danimer Scientific, ein führendes Unternehmen im Bereich der Biokunststoffe, sicherte sich eine revolvierende Kreditlinie über 20 Millionen Dollar mit Mountain Ridge Capital. Die Kreditvereinbarung wird durch die Forderungen und das Inventar des Unternehmens abgesichert, mit der Möglichkeit einer zusätzlichen Erhöhung um 5 Millionen Dollar. Die Einrichtung bietet Flexibilität für das zukünftige Wachstum und die Betriebsabläufe von Danimer Scientific.
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Securing a $20 million asset-based revolving credit facility could suggest a strategic move for Danimer Scientific to boost liquidity and ensure operational flexibility. Typically, such credit facilities are linked to the value of specific assets like accounts receivable and inventory. This can be advantageous for the company as it allows for capital to be accessed quickly to address immediate needs or to capitalize on timely business opportunities. However, investors should monitor the company's subsequent utilization of this line of credit as heavy reliance could indicate cash flow issues. Evaluating the terms of the credit, such as interest rates and the borrowing base formula, is also essential in assessing the potential cost of capital for Danimer Scientific.
In the context of the bioplastics industry, this new credit line could enable Danimer Scientific to scale production or invest in R&D, which is essential for maintaining competitiveness. The additional $5 million increase potential in the commitment suggests confidence from the lender, which could be viewed as a positive signal by investors. Nevertheless, it's important to juxtapose this financial maneuver against the backdrop of the company's market position, its growth trajectory and the broader industry's economic health. For instance, increased borrowing capacity does not automatically equate to value creation; it must be deployed in ways that yield a return greater than the cost of capital.
BAINBRIDGE, Ga.--(BUSINESS WIRE)--
Danimer Scientific, Inc. (NYSE: DNMR) (the “Company” or “Danimer Scientific”), a leading next generation bioplastics company focused on the development and production of biodegradable materials, announced today, that on April 19, 2024, it entered into an asset-based revolving credit and security agreement with Mountain Ridge Capital secured primarily by the Company’s accounts receivable and inventory.
The credit and security agreement provides for borrowings under a revolving commitment of $20 million with availability determined by a borrowing base formula as provided in the agreement. The agreement, among other things, also allows for increases in the commitment up to an additional $5 million and matures on or about April 19, 2027 (earlier maturity is subject to occurrence of certain events). Revolving loans are expected to be used, among other things, for general corporate purposes and working capital needs as permitted by the credit and security agreement.
About Danimer Scientific
Danimer is a pioneer in creating more sustainable, more natural ways to make plastic products. For more than a decade, its renewable and sustainable biopolymers have helped create plastic products that are biodegradable and compostable and return to nature instead of polluting our lands and waters. Danimer’s technology can be found in a vast array of plastic end products that people use every day. Applications for its biopolymers include additives, aqueous coatings, fibers, filaments, films and injection-molded articles, among others. Danimer holds more than 480 granted patents and pending patent applications in more than 20 countries for a range of manufacturing processes and biopolymer formulations. For more information, visit https://danimerscientific.com.
Forward‐Looking Statements
Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the Company’s expectations for our future and operational performance. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the overall level of consumer demand on our products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of the Company's customers; the Company's ability to implement its business strategy, including, but not limited to, its ability to expand its production facilities and plants to meet customer demand for its products and the timing thereof; risks relating to the uncertainty of the projected financial information with respect to the Company; the ability of the Company to execute and integrate acquisitions; changes in governmental regulation, legislation or public opinion relating to our products; the Company’s exposure to product liability or product warranty claims and other loss contingencies; disruptions and other impacts to the Company’s business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of the Company’s manufacturing facilities and suppliers, as well as consumer demand for our products, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impact on our business, operations and financial results from the ongoing conflict in Ukraine; the impact that global climate change trends may have on the Company and its suppliers and customers; the Company's ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, our information systems; the ability of our information technology systems or information security systems to operate effectively, including as a result of security breaches, viruses, hackers, malware, natural disasters, vendor business interruptions or other causes; our ability to properly maintain, protect, repair or upgrade our information technology systems or information security systems, or problems with our transitioning to upgraded or replacement systems; the impact of adverse publicity about the Company and/or its brands, including without limitation, through social media or in connection with brand damaging events and/or public perception; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; our ability to utilize potential net operating loss carryforwards; and changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
danimer scientific, producer of biopolymers in bainbridge, ga – manufactures pha bioplastics from renewable, natural resources. danimer plastics are 100% biodegradable and compostable, and equal or exceed petroleum-based plastic commodities for price and performance. danimer, formerly mhg (meredian holdings group), along with agrocrush, create bioplastic feedstock from cold pressed canola oil, enabling global brand owners to utilize environmentally responsible materials in products that consumers purchase every day. danimer makes commercial grade pha using world-class production systems, offering a scalable, durable, and cost effective material that reduces manufacturing dependence on non-renewable, diminishing resources. danimer also offers specialty toll manufacturing at their facility. danimer provides their state of the art production equipment, laboratories, material handling and logistics, as well as their fully trained and experienced staff to other companies.. danimer uses the
