BETHESDA, Md., Oct. 1, 2019 /PRNewswire/ -- Centrus Energy Corp.
(NYSE American: LEU) announced that it has fully repaid the
$27.5 million in outstanding 8.0% PIK
toggle notes that matured on September
30, 2019. This is the latest in a series of steps the
company has taken to reduce its long-term debt. Following
today's payment, Centrus has cut the principal amount of its
outstanding debt by 70 percent since the end of 2015.
"This is another important milestone in our long-term effort to
strengthen our balance sheet and return the company to
profitability by next year," said Daniel B.
Poneman, Centrus President and Chief Executive
Officer. "Our improved financial health is helping us win new
sales, sign new contracts, and expand long-term relationships with
customers."
Centrus ended 2015 with $247.6
million in long-term debt, with a maturity date of
September 30, 2019. Since then
the company has reduced its outstanding debt through several
actions, including an exchange offer in 2017. These actions,
combined with today's payment, reduced the principal amount of the
total outstanding debt to $74.3
million and extended the maturity date of the remaining debt
to 2027.
A summary of previous actions to reduce, restructure, and retire
Centrus' debt is available on the Centrus website at:
https://www.centrusenergy.com/news/progress-update-reducing-long-term-debt/
NOTE: The foregoing is a summary and does not purport to be
complete and is qualified in its entirety by the exchange
agreements, indentures, and the descriptions of the exchange
transactions, each as filed with and described in our annual,
quarterly and periodic filings on Forms 10-K, 10-Q and
8-K.
About Centrus Energy
Centrus is a trusted supplier of nuclear fuel and services for
the nuclear power industry. Centrus provides value to its utility
customers through the reliability and diversity of its supply
sources – helping them meet the growing need for clean, affordable,
carbon-free electricity. Since 1998, the Company has provided its
utility customers with more than 1,750 reactor years of fuel, which
is equivalent to 7 billion tons of coal.
With world-class technical capabilities, Centrus offers turnkey
engineering and advanced manufacturing solutions to its customers.
The Company is also advancing the next generation of centrifuge
technologies so that America can restore its domestic uranium
enrichment capability in the future. Find out more at
www.centrusenergy.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934 -
that is, statements related to future events. In this context,
forward-looking statements may address our expected future business
and financial performance, and often contain words such as
"expects", "anticipates", "intends", "plans", "believes", "will",
"should", "could", "would" or "may" and other words of similar
meaning. Forward-looking statements by their nature address matters
that are, to different degrees, uncertain. For Centrus Energy
Corp., particular risks and uncertainties that could cause our
actual future results to differ materially from those expressed in
our forward-looking statements include: risks related to our
significant long-term liabilities; potential strategic
transactions, which could be difficult to implement, disrupt our
business or change our business profile significantly; the
competitive environment for our products and services; changes in
the nuclear energy industry; the impact of financial market
conditions on our business, liquidity, prospects, pension assets
and insurance facilities; risks related to the identification of a
material weakness in our internal controls over financial
reporting; the risks of revenue and operating results fluctuating
significantly from quarter to quarter, and in some cases, year to
year; and other risks and uncertainties discussed in this and our
other filings with the Securities and Exchange Commission,
including under Part 1. Item1A - "Risk Factors" in our Annual
Report on Form 10-K for the year ended December 31, 2018 and quarterly reports on Form
10-Q.
CONTACT
Dan Leistikow
(301) 564-3399
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SOURCE Centrus Energy Corp.