KATY,
Texas, March 23, 2023 /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, today announced that it has entered into a fourth
amended and restated Credit Agreement of $1.1 billion. The Credit Facility consists of a
$950 million senior secured Term Loan
B due March 2030, and as part of the
transaction, the Company has also increased its Revolving Credit
Facility to $150 million from
$100 million due March 2028. The Company used the net proceeds
from the Term Loan, along with excess cash on the balance sheet, to
extinguish $109 million of
outstanding debt and for associated refinancing fees.
Bryan Shinn, Chief Executive
Officer, commented, "We are pleased to opportunistically refinance
our debt two years ahead of maturity as we continue to strengthen
our balance sheet and improve our leverage profile. Including this
transaction, U.S. Silica will have extinguished more than
$250 million of long-term debt over
the last nine months. Our Company remains well positioned to
continue to generate strong earnings and cash flow, affording us
the ability to further reduce debt and invest in the organic growth
of our Industrial and Specialty Products segment."
Advisors
The transaction was arranged by BNP Paribas Securities Corp., MUFG
Bank, Ltd., TCBI Securities, Inc., and KeyBank National
Association. BNP Paribas served as administrative agent.
About U.S. Silica
U.S. Silica Holdings, Inc. is a global 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
123-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 600 diversified
products to customers across our end markets. U.S. Silica's
wholly-owned subsidiaries include EP Minerals and SandBox
Logistics™. EP Minerals is an industry leader in the production of
products derived from diatomaceous earth, perlite, engineered
clays, and non-activated clays. SandBox Logistics™ 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 has 27 operating mines and processing
facilities and two additional exploration stage properties across
the United States and is
headquartered in Katy, Texas.
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.
Investor Contact
Patricia
Gil
Vice President, Investor Relations & Sustainability
(281) 505-6011
gil@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.