Kaiser Aluminum Corporation Announces a Five-Year, $300 Million Senior Secured Revolving Credit Facility
October 03 2011 - 4:30PM
Kaiser Aluminum Corporation (Nasdaq:KALU) today announced that it
has entered into a $300 million, five-year senior secured revolving
credit facility by amending and restating the Company's previously
existing facility. The amended facility increases the lending
commitment by $100 million, provides more favorable pricing and
greater flexibility, and extends the maturity date from March 2014
to September 2016. On the effective date of September 30, 2011,
borrowing availability, net of outstanding letters of credit, was
$281 million based upon a borrowing base of eligible accounts
receivable and inventory and certain machinery and equipment. There
are no borrowings under the revolving credit facility.
"The amended facility further strengthens our liquidity position
and provides greater flexibility to continue to pursue organic and
acquisition growth opportunities," said Jack A. Hockema, President
CEO, and Chairman. "We are pleased that our lead lending banks have
acknowledged our strong business model and prudent financial
management and we appreciate their continued support."
Company Description
Kaiser Aluminum Corporation, headquartered in Foothill Ranch,
Calif., is a leading producer of semi-fabricated specialty aluminum
products, serving customers worldwide with highly-engineered
solutions for aerospace and high-strength, general engineering, and
custom automotive and industrial applications. The Company's North
American facilities produce value-added sheet, plate, extrusions,
rod, bar, tube and wire products, adhering to traditions of
quality, innovation and service that have been key components of
our culture since the Company was founded in 1946. The Company's
stock is included in the Russell 2000® index and the S&P
SmallCap 600® index.
The Kaiser Aluminum Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6081
Available Information
For more information, please visit the Company's web site at
www.kaiseraluminum.com. The web site includes a section for
investor relations under which the Company provides notifications
of news or announcements regarding its financial performance,
including Securities and Exchange Commission (SEC) filings,
investor events, and earnings and other press releases. In
addition, all Company filings submitted to the SEC are available
through a link to the section of the SEC's web site at www.sec.gov
which includes: Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q, Current Reports on Form 8-K and Proxy Statements for the
Company's annual stockholders' meetings and other information
statements as filed with the SEC. In addition, the Company provides
a webcast of its quarterly earnings calls and certain events in
which management participates or hosts with members of the
investment community.
This press release contains statements based on management's
current expectations, estimates and projections that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 involving known and
unknown risks and uncertainties that may cause actual results,
performance or achievements of the Company to be materially
different from those expressed or implied. These factors include:
(a) changes in economic or aluminum industry business conditions
generally, including supply, demand and credit conditions and
conditions in the markets served by the Company, including
aerospace, defense, general engineering, automotive, distribution
and other markets; (b) the impact of business conditions on
eligible accounts receivable and inventory; (c) the Company's
ability to successfully identify and execute organic and
acquisition growth opportunities; and (d) other risk factors
summarized in the Company's reports filed with the Securities and
Exchange Commission, including the Company's Form 10-K for the year
ended December 31, 2010. All information in this release is as of
the date of the release. The Company undertakes no duty to update
any forward-looking statement to conform the statement to actual
results or changes in the Company's expectations.
CONTACT: Investor Relations Contact:
Melinda C. Ellsworth
Kaiser Aluminum Corporation
(949) 614-1757
Public Relations Contact:
Dave Quast
FTI Consulting
(646) 421-5341
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