Milacron Holdings Corp. Announces Proposed Re-Pricing Transaction
November 06 2017 - 11:09PM
Business Wire
Milacron Holdings Corp. (NYSE:MCRN), a leading industrial
technology company serving the plastic processing industry, today
announced that its wholly owned subsidiary, Milacron LLC, has
re-priced its $940 million senior secured term loan with a maturity
date of September 28, 2023, reducing the interest rate from LIBOR
plus 3.00% to LIBOR plus 2.75%. The interest rate reduces to LIBOR
plus 2.50% when Milacron’s net total leverage is less than or equal
to 3.50x (adjusted on a quarterly basis).
The transaction is anticipated to generate annual cash interest
savings, after taxes, of approximately $2.4 million (calculated at
current LIBOR rates), on a pro forma basis.
The transaction is expected to close on November 8, 2017 and
remains subject to documentation and customary closing
conditions.
The potential refinancing transactions are subject to market and
other conditions. As such, there is no assurance that the
refinancing transactions will be completed on the terms described
above or at all.
About Milacron
Milacron is a global leader in the manufacture, distribution and
service of highly engineered and customized systems within the
plastic technology and processing industry. Milacron is the only
global company with a full-line product portfolio that includes hot
runner systems, injection molding, blow molding and extrusion
equipment.
Forward-Looking Statements
This press release contains forward-looking statements. The
words “believe,” “expect,” “anticipate,” “plan,” “intend,”
“should,” “estimate” and other expressions that are predictions of
or indicate future events and trends and that do not relate to
historical matters identify forward-looking statements. You should
not place undue reliance on these forward-looking statements.
Although forward-looking statements reflect management’s good faith
beliefs, reliance should not be placed on forward-looking
statements because they involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to differ materially from anticipated
future results, performance or achievements expressed or implied by
such forward-looking statements. Forward-looking statements speak
only as of the date the statements are made. Except as required by
law, Milacron undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events, changed circumstances or otherwise.
These forward-looking statements are subject to numerous risks and
uncertainties, including, but not limited to our ability to
complete the refinancing transactions on the terms described or at
all, demand for our products being significantly affected by
general economic conditions, any decline in the use of plastic, the
competitiveness of the industries in which we operate and the
financial resources of our competitors, our ability to successfully
develop and implement strategic initiatives to increase cost
savings and improve operating margins and the other risk factors
set forth in our Annual Report on Form 10-K for the year ended
December 31, 2015, as filed with the SEC on March 2, 2016, and
other filings with the Securities and Exchange Commission, copies
of which are available free of charge on our website at
investors.milacron.com.
MCRN-IR
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171106006618/en/
MilacronInvestor Relations:Mac Jones,
513-487-5057Mac_Jones@milacron.comorMedia:Michael Ellis,
905-877-0185 ext. 354Michael_Ellis@milacron.com
Milacron (NYSE:MCRN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Milacron (NYSE:MCRN)
Historical Stock Chart
From Sep 2023 to Sep 2024