A.M. Castle & Co. Announces Redemption of $27.5 Million of 12.75% Senior Secured Notes Due 2018 and Satisfaction of Special R...
October 31 2016 - 4:30PM
A. M. Castle & Co. (NYSE:CAS) (the “Company”), a global
distributor of specialty metal and plastic products, value-added
services, and supply chain solutions, today announced that it has
issued an irrevocable notice of redemption with respect to
$27,500,000 aggregate principal amount of its 12.75% Senior Secured
Notes due 2018 (the “Notes”). The Notes will be redeemed on
November 9, 2016 at an amount equal to 100% of the principal amount
plus accrued and unpaid interest to, but excluding, the redemption
date. Upon issuance of the irrevocable notice of redemption,
the Company satisfied the Special Redemption Condition as set forth
in the indenture governing the Notes.
About A. M. Castle &
Co.Founded in 1890, A. M. Castle & Co. is a global
distributor of specialty metal and supply chain services,
principally serving the producer durable equipment, commercial
aircraft, heavy equipment, industrial goods, construction
equipment, and retail sectors of the global economy. Its customer
base includes many Fortune 500 companies as well as thousands of
medium and smaller sized firms spread across a variety of
industries. It specializes in the distribution of alloyand
stainless steels; nickel alloys; aluminum and carbon. Together,
Castle and its affiliated companies operate out of 21 metals
service centers located throughout North America, Europe and Asia.
Its common stock is traded on the New York Stock Exchange under the
ticker symbol "CAS".
Cautionary Statements Regarding
Forward-Looking InformationInformation provided and
statements contained in this release that are not purely historical
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended (“Securities Act”), Section
21E of the Securities Exchange Act of 1934, as amended (“Exchange
Act”), and the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements only speak as of the date of this
release and the Company assumes no obligation to update the
information included in this release. Such forward-looking
statements include information concerning our possible or assumed
future results of operations, including descriptions of our
business strategy, and the cost savings and other benefits that we
expect to achieve from our facility closures and organizational
changes. These statements often include words such as “believe,”
“expect,” “anticipate,” “intend,” “predict,” “plan,” "should," or
similar expressions. These statements are not guarantees of
performance or results, and they involve risks, uncertainties, and
assumptions. Although we believe that these forward-looking
statements are based on reasonable assumptions, there are many
factors that could affect our actual financial results or results
of operations and could cause actual results to differ materially
from those in the forward-looking statements, including our ability
to effectively manage our operational initiatives and refinancing
activities, the impact of volatility of metals prices, the cyclical
and seasonal aspects of our business, our ability to effectively
manage inventory levels, our ability to successfully complete the
remaining steps in our deleveraging plan, and the impact of our
substantial level of indebtedness, as well as including those risk
factors identified in Item 1A “Risk Factors” of our Annual Report
on Form 10-K for the fiscal year ended December 31, 2015, as
amended, and our Quarterly Report on Form 10-Q for the quarter
ended June 30, 2016. All future written and oral forward-looking
statements by us or persons acting on our behalf are expressly
qualified in their entirety by the cautionary statements contained
or referred to above. Except as required by the federal securities
laws, we do not have any obligations or intention to release
publicly any revisions to any forward-looking statements to reflect
events or circumstances in the future, to reflect the occurrence of
unanticipated events or for any other reason.
For Further Information:
-At ALPHA IR-
Analyst Contact
Chris Donovan or Chris Hodges
(312) 445-2870
Email: CAS@alpha-ir.com