BEIJING, March 14, 2013 /PRNewswire-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced today that its subsidiary Tri-Tech Infrastructure LLC ("Tri-Tech U.S.") has entered into a $3.5 million revolving credit facility with BMO Harris Bank in Chicago.
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Approximately $2 million of the line of credit has been earmarked for export-import working capital needs to allow Tri-Tech U.S. to bid for foreign projects. This portion is guaranteed by the Export-Import Bank. The remaining $1.5 million, guaranteed by Tri-Tech Holding Inc., will be used to issue Standby Letters of Credit. The revolving line of credit has a term of one year based on the percentage of eligible export-related inventory and foreign receivables. The transaction closed on January 31, 2013. The revolving line of credit expires within 12 months from date of funding with prime-based variable interests rates. Under the line of credit, Tri-Tech U.S. will be tested annually by BMO Harris Bank to confirm a minimum debt service coverage ratio of 1.25.
Mr. Phil Fan, Tri-Tech Holding Inc. CFO, commented, "We are pleased to have access to this secured revolving line of credit from BMO Harris Bank. The line of credit is structured to provide significant credit availability for our oversea business over the short term. We believe this facility will provide sufficient liquidity to support the awards and execution of our recent bids and contracts. In addition to strengthening our balance sheet, this new credit facility will provide us with additional financial flexibility as we continue to pursue our growth strategies in overseas markets."
About BMO Harris Bank
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris BankSM is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion.
About Tri-Tech Holding Inc.
Tri-Tech is an innovative provider of consulting, engineering, procurement, construction and technical services. The Company supports government, state owned entities and commercial clients by providing efficiency oriented solutions focused on treatment of water and waste water, management of water resources and water-efficient irrigation, as well as industrial emission and safety controls. With software copyrights, product patents, and capable employees in China, the U.S. and India, Tri-Tech's capabilities span the cycle of innovation. Please visit www.tri-tech.cn for more information.
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This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the line of credit and transactions referenced herein and other statements concerning plans, objectives, goals, strategies, future events such as project payments, results of marketing efforts or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Tri-Tech Holding Inc.
www.tri-tech.cn
IR Department
+86 10 57323666
ir@tri-tech.cn
SOURCE Tri-Tech Holding Inc.