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NFS Leasing Provides $4.55MM Lease to GlyEco

June 07, 2019, 07:00 AM
Related: NFS Leasing

GlyEco, Inc. and its wholly owned subsidiary GlyEco West Virginia, Inc. on May 31 entered into a combined equipment finance transaction with NFS Leasing, Inc. that consists of a new offer of lease and a lease line for certain operational equipment used GlyEco’s recovery and recycling operations, a filing with the U.S. Securities and Exchange Commission states. The lease consists of total aggregate financing not to exceed $4.55 million.

GlyEco previously had in 2017 entered into a master equipment lease agreement, as modified, with NFS for the lease of the equipment by the company, according to GlyEco filings with the Securities and Exchange Commission.

In connection with the lease, GlyEco entered into a second amendment to the lease agreement, an addendum to Schedule 4 and a royalty agreement. The company also entered in a conditional patent assignment with NFS where GlyEco assigned certain of its intellectual property to NFS.

In connection with the lease, GlyEco issued a Series B Common Stock Purchase Warrant to NFS to purchase up to 287,770 shares of the company’s common stock.

GlyEco, based in West Virginia, is a chemical company focused on technology development and manufacturing of coolants, additives and related performance fluids.

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