Dayton Superior Completes Debt Refinancing
03 Marzo 2008 - 2:02PM
Business Wire
Dayton Superior Corporation (NASDAQ: DSUP), the leading North
American provider of specialized products for the non-residential
concrete construction market, reported today that it has completed
its previously announced refinancing of its 10-3/4% Senior Second
Secured Notes and its revolving credit facility. In connection with
the refinancing, Dayton Superior entered into a new $150 million
revolving credit facility issued at LIBOR plus 225 basis points,
and a new $100 million term loan, issued at LIBOR plus 450 basis
points, with a LIBOR floor of 325 basis points. These rates do not
include the impact of one-time fees payable on the closing date.
The new �revolver� replaces the company�s existing $130 million
revolving credit facility. At the closing of the new credit
facilities, the Company issued a notice to redeem all of its
outstanding 10-3/4% Senior Second Secured Notes on April 2 and
effected a satisfaction and discharge of all outstanding 10-3/4%
Senior Second Secured Notes effective as of the date hereof.
Drawdowns against the new revolving credit facility at the closing,
including payment of associated fees, are expected to be
approximately $89 million, including $10 million for the
pre-funding of accrued interest through April 2, 2008. Dayton
Superior expects cash interest savings of $5-6 million per annum as
a result of the new financing. More detail about the new credit
facility, including a copy of the Credit Agreement, will be
included in a Form 8-K to be filed by Dayton Superior in the near
future. Dayton Superior intends to explore refinancing alternatives
with respect to its 13% Senior Subordinated Notes due 2009 in the
future. Eric R. Zimmerman, Dayton Superior�s President and Chief
Executive Officer, said, �We are very pleased that we have
completed this refinancing. As reported in our recent earnings
release, 2007 was a very solid operating year for Dayton Superior.
We expect our regionalization, new product development, and
manufacturing initiatives to continue to lead improved operating
results as we focus on those activities that are closest to our
customers. As 2008 unfolds, we are optimistic about the future.�
Dayton Superior is the leading North American provider of
specialized products consumed in non-residential, concrete
construction, and we are the largest concrete forming and shoring
rental company serving the domestic, non-residential construction
market. Our products can be found on construction sites nationwide
and are used in non-residential construction projects, including:
infrastructure projects, such as highways, bridges, airports, power
plants and water management projects; institutional projects, such
as schools, stadiums, hospitals and government buildings; and
commercial projects, such as retail stores, offices and
recreational, distribution and manufacturing facilities. Note:
Certain statements made herein concerning anticipated future
performance are forward-looking statements. These forward-looking
statements are based on estimates, projections, beliefs and
assumptions of management and are not guarantees of future
performance. Actual future performance, outcomes and results may
differ materially from those expressed in forward-looking
statements as a result of a number of important factors.
Representative examples of these factors include (without
limitation): depressed or fluctuating market conditions for our
products and services; operating restrictions imposed by our
existing debt; increased raw material costs and operating expenses;
our ability to increase manufacturing efficiency, leverage our
purchasing power and broaden our distribution network; the
competitive nature of our industry in general, as well as our
specific market areas; changes in prevailing interest rates and the
availability of and terms of financing to fund the anticipated
growth of our business. This list of factors is not intended to be
exhaustive, and additional information concerning relevant risk
factors can be found in Dayton Superior�s Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, and current Reports on Form
8-K filed with the Securities and Exchange Commission.
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