Forterra Announces Voluntary Prepayment of Term Loan
14 Septiembre 2020 - 3:16PM
Forterra, Inc. (“Forterra” or “the Company”) (NASDAQ: FRTA), a
leading manufacturer of water and drainage infrastructure pipe and
products in the United States and Eastern Canada, today announced
that on September 11, 2020, the Company delivered notice to the
administrative agent for its senior term loan regarding the
voluntary prepayment of an aggregate of $100 million outstanding
under the senior term loan to be made on September 17, 2020.
Following this prepayment and the settlement of another $16 million
the Company has contracted to repurchase, the Company will have
voluntarily prepaid approximately $139 million under the senior
term loan in 2020, and the outstanding balance will be
approximately $485 million.
Forterra’s CEO Karl Watson, Jr. commented, “As
we continue to execute on our five improvement pillars, we are
expanding our cash generating capability which gives us the
opportunity to reduce our long-term debt at a faster rate than
previously communicated. This move aligns with our recently
announced full year 2020 voluntary prepayment guidance of $125 to
$175 million.”
About Forterra
Forterra is a leading manufacturer of water and
drainage pipe and products in the U.S. and Eastern Canada for a
variety of water-related infrastructure applications, including
water transmission, distribution, drainage and stormwater
systems. Based in Irving, Texas, Forterra’s product breadth
and scale help make it a preferred supplier for water-related pipe
and products, serving a wide variety of customers, including
contractors, distributors and municipalities. For more
information on Forterra, visit http://forterrabp.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Forward-looking statements may be identified
by the use of words such as "anticipate", "believe", "expect",
"estimate", "plan", "outlook", and "project" and other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. Forward-looking
statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the
times at, or by, which such performance or results will be
achieved. Forward-looking statements are based on historical
information available at the time the statements are made and are
based on management's reasonable belief or expectations with
respect to future events, and are subject to risks and
uncertainties, many of which are beyond the Company's control, that
could cause actual performance or results to differ materially from
the belief or expectations expressed in or suggested by the
forward-looking statements.
Some of the risks and uncertainties that could
cause actual results to differ materially from those expressed in
any forward-looking statements include risks and uncertainties
relating to the impacts of the COVID-19 pandemic; the level of
construction activity, particularly in the residential construction
and non-residential construction markets; government funding of
infrastructure and related construction activities; the highly
competitive nature of our industry and our ability to effectively
compete; the availability and price of the raw materials we use in
our business; the ability to implement our growth strategy; our
dependence on key customers and the absence of long-term agreements
with these customers; the level of construction activity in Texas;
energy costs; disruption at one or more of our manufacturing
facilities or in our supply chain; construction project delays and
our inventory management; our ability to successfully integrate
acquisitions; labor disruptions and other union activity; a
tightening of mortgage lending or mortgage financing requirements;
our dispute with HeidelbergCement related to the payment of an
earnout; compliance with environmental laws and regulations;
compliance with health and safety laws and regulations and other
laws and regulations to which we and our products are subject to;
our dependence on key executives and key management personnel; our
ability, or that of the customers with which we work, to retain and
attract additional skilled and non-skilled technical or sales
personnel; credit and non-payment risks of our customers; warranty
and related claims; legal and regulatory claims; the seasonality of
our business and its susceptibility to adverse weather; our
contract backlog; our ability to maintain sufficient liquidity and
ensure adequate financing or guarantees for large projects; delays
or outages in our information technology systems and computer
networks; security breaches in our information technology systems
and other cybersecurity incidents and additional factors discussed
in our filings with the Securities and Exchange Commission,
including our Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q, for additional information regarding the risks and
uncertainties that may cause actual results to differ materially
from those expressed in any forward-looking statement.
Source: Forterra, Inc.
Company Contact Information:Simon ChenVice President, Treasury
and Investor Relations469-299-9113IR@forterrabp.com
Forterra (NASDAQ:FRTA)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Forterra (NASDAQ:FRTA)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024