KATY, Texas, Sept. 30, 2019 /PRNewswire/ -- U.S.
Silica Holdings, Inc. (NYSE: SLCA), a diversified industrial
minerals company and the leading last mile logistics provider to
the oil and gas industry (the "Company"), today announced that it
has completed a voluntary loan repurchase offer for $10.0 million of principal of the term loan
portion of its senior secured credit facility, reaffirming its
commitment to reducing leverage. The debt was retired at a discount
to par using excess cash on hand.
"We are pleased to complete the first step in our plan to
reduce our debt,'' said Bryan Shinn,
president and chief executive officer. "Based on extensive
discussions with our Board and feedback from our shareholders, we
feel that delevering is one of the most prudent and most effective
uses of our capital in the current environment."
About U.S. Silica
U.S. Silica Holdings, Inc. is a performance materials
company and is a member of the Russell 2000. The Company is a
leading producer of commercial silica used in the oil and gas
industry, and in a wide range of industrial applications. Over its
119-year history, U.S. Silica has developed core
competencies in mining, processing, logistics and materials science
that enable it to produce and cost-effectively deliver over 1,500
diversified products to customers across our end markets. U.S.
Silica's wholly-owned subsidiaries include EP Minerals and
SandBox LogisticsTM. EP Minerals is an industry leader
in the production of products derived from diatomaceous earth,
perlite, engineered clays, and non-activated clays. SandBox
LogisticsTM is a state-of-the-art leader in
proppant storage, handling and well-site delivery, dedicated to
making proppant logistics cleaner, safer and more efficient. The
Company currently operates over 25 mines and production facilities.
The Company is headquartered in Katy, Texas and has
offices in Reno, Nevada and Chicago, Illinois.
Forward-Looking Statements
This press release contains "forward-looking statements"
within the meaning of the federal securities laws — that is,
statements about the future, not about past events. Such statements
often contain words such as "expect," "may," "believe," "plan,"
"estimate," "intend," "anticipate," "should," "could," "will,"
"see," "likely," and other similar words. Forward-looking
statements address matters that are, to varying degrees, uncertain,
such as statements regarding the ability of the Company to reduce
its leverage ratio. The Company cannot give any assurance that such
statements will prove correct. These statements are subject to,
among other things, the risks and uncertainties detailed in the
Company's most recent Forms 10-K, 10-Q, and 8-K filed with or
furnished to the Securities and Exchange Commission. Actual
outcomes may vary materially from those reflected in the
forward-looking statements. The forward-looking statements speak
only as of the date made, and the Company disclaims any intention
or obligation to update publicly or revise such statements, whether
as a result of new information, future events or
otherwise.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate
Communications
(301) 682-0304
lawsonm@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.