U.S. Silica Announces Intent to Refinance Existing Senior Secured Facility
June 28 2013 - 8:00AM
Business Wire
U.S. Silica Holdings, Inc. (NYSE: SLCA) today announced that it
has launched an initiative, subject to market and other conditions,
to refinance its current senior debt by entering into a new $425
million senior secured credit facility, consisting of a $375
million term loan and a $50 million revolving credit facility. U.S.
Silica currently has a $255 million senior secured term loan and a
$50 million revolving credit facility. The Company expects the
refinancing to close in the third quarter of 2013.
“We believe the current credit market and low interest
environment provide us with an opportunity to further enhance our
financial flexibility and lower our cost of capital,” said Don
Merril, U.S. Silica Vice President and Chief Financial Officer.
“This proposed transaction would complement our long-term strategy
with respect to growth opportunities and shareholder-enhancing
initiatives,” he added.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is the
second largest domestic producer of commercial silica, a
specialized mineral that is a critical input into the oil and gas
proppants end market. The company also processes ground and
unground silica sand for a variety of industrial and specialty
products end markets such as glass, fiberglass, foundry molds,
municipal filtration and recreational uses. During its 100-plus
year history, U.S. Silica Holdings, Inc. has developed core
competencies in mining, processing, logistics and materials science
that enable it to produce and cost-effectively deliver over 250
products to customers across these end markets. U.S. Silica
Holdings, Inc. is headquartered in Frederick, Maryland.
Cautionary Information Regarding Forward-Looking
Statements
Certain statements in this press release are “forward-looking
statements” made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and speak only as
of this date. Forward-looking statements made include any statement
that does not directly relate to any historical or current fact and
may include, but are not limited to, statements regarding U.S.
Silica’s financing plans. Forward-looking statements are based on
our current expectations and assumptions, which may not prove to be
accurate. These statements are not guarantees and are subject to
risks, uncertainties and changes in circumstances that are
difficult to predict. Many factors, such as credit market
uncertainty, could cause actual results to differ materially and
adversely from these forward-looking statements. Information
concerning these factors can be found in U.S. Silica’s filings with
the Securities and Exchange Commission. We undertake no obligation
to publicly update or revise any forward-looking statement as a
result of new information, future events or otherwise, except as
otherwise required by law.
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