Harsco Completes Successful Debt Repricing and Increases Revolving Credit Facility
June 18 2018 - 04:15PM
Harsco Corporation (NYSE:HSC) (the “Company”) announced today
amendments to its existing senior secured credit facilities in
order to, among other things, reduce the interest rate applicable
to the $545 million of term loans outstanding and increase the
amount of its revolving credit commitments. Goldman Sachs and
Citigroup acted as joint bookrunners and joint lead arrangers for
the amendments. Under the amendments, the new effective interest
rate on the term loans is LIBOR plus 225 basis points, a reduction
of 75 basis points, and revolving credit commitments increased $100
million to $500 million.
“We are pleased to further lower our interest
costs through this repricing,” said Pete Minan, Senior Vice
President and Chief Financial Officer. “This transaction improves
Harsco’s earnings and cash flow annually by approximately $4
million and is incremental to the meaningful savings realized
through a similar transaction in late 2017. We also increased our
revolver commitments to further strengthen our financial
flexibility as we continue to pursue growth. Overall, this
successful transaction reflects the positive underlying changes
within Harsco over the past few years and a favorable outlook for
our businesses.”
About Harsco CorporationHarsco
Corporation is a diversified, global engineered products and
services company serving the worldwide steel, railway and energy
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
Martin717.612.5628damartin@harsco.com |
Media
ContactJay
Cooney717.730.3683jcooney@harsco.com |
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