Harsco Completes Successful Debt Repricing; Transaction Provides Significant Interest Cost Savings and Strengthens Financial ...
December 11 2017 - 9:00AM
Harsco Corporation (NYSE:HSC) (the “Company”) announced today the
amendment of its existing senior secured credit facilities in order
to, among other things, reduce the interest rate applicable to the
$546 million of term loans outstanding, improve certain covenants
and extend the maturity date by a year until December 2024. Goldman
Sachs, Citigroup, HSBC, Merrill Lynch, RBC, U.S. Bank and KeyBanc
acted as joint bookrunners and joint lead arrangers for the
amendment. Under the amendment, the new effective interest rate is
LIBOR plus 300 basis points, a reduction of 200 basis points.
“We are very pleased to have completed this repricing, which
provides interest cost and cash flow benefits of approximately $11
million annually and additional flexibility to pursue our strategic
priorities,” said Pete Minan, Senior Vice President and Chief
Financial Officer. “This successful transaction is reflective of
the positive momentum within our underlying businesses and progress
in strengthening our capital structure.”
About Harsco CorporationHarsco Corporation is a
diversified industrial company providing a range of onsite services
and engineered products to the global steel, energy and railway
sectors. Harsco’s common stock is a component of the S&P
SmallCap 600 Index and the Russell 2000 Index. Additional
information can be found at www.harsco.com.
Investor Contact
David Martin
717.612.5628
damartin@harsco.com
Media Contact
Susan Firey
717.975.3886
sfirey@harsco.com
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