AIKEN, S.C.--(BUSINESS WIRE)--AGY Holding Corp. (“AGY”), a leading global producer of glass fiber yarns and high-strength glass fiber reinforcements, announced today a renewal and expansion of the Company’s revolving credit facility completed on March 8, 2011. The new four-year $50 million facility refinances the Company’s previous $40 million working capital facility and will be used to fund working capital needs and other general corporate requirements.
“We are very pleased with the successful renewal of this facility, and the added flexibility and liquidity it provides in support of our growth outlook for AGY.”
Doug Mattscheck, President and Chief Executive Officer of AGY commented, “We are very pleased with the successful renewal of this facility, and the added flexibility and liquidity it provides in support of our growth outlook for AGY.”
Bank of America, N.A. arranged the financing, and acts as Administrative Agent. UBS Securities LLC serves as Documentation Agent.
About AGY Holding Corp.
AGY is a leading global producer of fiberglass yarns and high-strength fiberglass reinforcements used in a variety of composites applications. AGY serves a diverse range of markets including aerospace, defense, electronics, construction and industrial. Headquartered in Aiken, South Carolina, AGY has a European office in Lyon, France and manufacturing facilities in the U.S. in Aiken, South Carolina and Huntingdon, Pennsylvania and a controlling interest in a manufacturing facility in Shanghai, China. Additional information and a copy of this press release may be found at the Investor Relations section of the Company's website, www.agy.com or by email at info@agy.com.
Certain statements contained in this release are forward-looking and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward looking statements. Among these risks and uncertainties are general economic and business conditions; the Company's substantial debt and ability to generate cash flows to service its debt; the Company's compliance with the restrictive covenants contained in its various debt agreements; adverse changes in market conditions or product demand; the level of cost reduction achieved through restructuring and capital expenditure programs; changes in energy, alloy metals and raw material costs and availability; downward selling price movements; the success of new technology; labor disputes or increased labor costs; currency and interest rate fluctuations; increases in the Company's leverage; the Company's ability to effectively integrate acquisitions, including AGY Asia; the Company’s ability to finance the consideration to be paid pursuant to the put/call agreement for the 30% noncontrolling interest in AGY Asia; changes in the Company's business strategy or development plans; the timing and cost of plant closures; and the Company's inability or failure to comply with environmental, health or safety laws and regulations. Factors that could cause actual results to differ materially from these forward-looking statements include but are not limited to those risk factors listed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. AGY does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
You are not logged in, please sign in to view contact
Info release
Promotion
Building shop
Online business
