PHILADELPHIA, May 12, 2021 /PRNewswire/ -- Axalta (NYSE:
AXTA), a leading global coatings company, today announced it has
entered into a Tenth Amendment to its Credit Agreement in order to,
among other things, increase commitments available pursuant to the
revolving credit facility, which is currently undrawn, from
$400.0 million to $550.0 million and extend the maturity of the
revolving credit facility to 2026. The Tenth Amendment is supported
by a lending syndicate arranged and led by Barclays Bank PLC, as
administrative and collateral agent.
"The amendment to our revolving credit facility is a strategic
move intended to bolster our long-term capital structure, which we
believe, coupled with our strong free cash flow generation, will
allow Axalta to continue on its path of disciplined growth while
enhancing our financial flexibility," said Sean Lannon, Senior Vice President and Chief
Financial Officer of Axalta. "The increased capacity and extension
of our revolving credit facility will continue to support our
intentions to execute and capitalize on our strategic growth
initiatives."
Cautionary Statement Concerning Forward-Looking
Statements
This release may contain certain forward-looking statements
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995 regarding Axalta and its subsidiaries. Axalta has
identified some of these forward-looking statements with words such
as "anticipates," "believes," "expects," "estimates," "is likely,"
"outlook," "projects," "forecasts," "may," "will," "should,"
"plans" and "intends" and the negative of these words or other
comparable or similar terminology, and such forward-looking
statements include statements about Axalta's growth, long-term
capital structure and execution on its strategic growth
initiatives. All of these statements are based on management's
expectations as well as estimates and assumptions prepared by
management that, although they believe to be reasonable, are
inherently uncertain. These statements involve risks and
uncertainties, including, but not limited to, economic,
competitive, governmental and technological factors outside of
Axalta's control, including the effects of COVID-19, that may cause
its business, industry, strategy, financing activities or actual
results to differ materially. The impact and duration of COVID-19
on our business and operations is uncertain. Factors that will
influence the impact on our business and operations include the
duration and extent of COVID-19, the extent of imposed or
recommended containment and mitigation measures, and the general
economic consequences of COVID-19. More information on potential
factors that could affect Axalta's financial results is available
in "Forward-Looking Statements," "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" within Axalta's most recent Annual Report on Form 10-K,
and in other documents that we have filed with, or furnished to,
the U.S. Securities and Exchange Commission. Axalta undertakes no
obligation to update or revise any of the forward-looking
statements contained herein, whether as a result of new
information, future events or otherwise.
About Axalta Coating Systems
Axalta is a global leader in the coatings industry, providing
customers with innovative, colorful, beautiful and sustainable
coatings solutions. From light vehicles, commercial vehicles and
refinish applications to electric motors, building facades and
other industrial applications, our coatings are designed to prevent
corrosion, increase productivity and enhance durability. With more
than 150 years of experience in the coatings industry, the global
team at Axalta continues to find ways to serve our more than
100,000 customers in over 130 countries better every day with the
finest coatings, application systems and technology. For more
information visit axalta.com and follow us @axalta on Twitter.
Contact
Christopher
Mecray
D +1 215 255 7970
Christopher.Mecray@axalta.com
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SOURCE Axalta Coating Systems Ltd.