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SOURCE A. Schulman, Inc.
AKRON, Ohio, Sept. 24, 2013 /PRNewswire/ -- A. Schulman, Inc. (Nasdaq-GS: SHLM) announced today that it has entered into a new $500 million credit agreement with certain credit relationship banks. The agreement consists of a $300 million credit facility and a $200 million term loan, replacing a previous $300 million revolving credit facility which was scheduled to expire in January 2016. The new credit facility includes improved terms, covenants and interest rate pricing over the previous agreement and expires in September 2018.
"We are pleased with the favorable terms of our new credit facility agreement, which increases the Company's overall borrowing capacity and flexibility," said Joseph J. Levanduski, Vice President and Chief Financial Officer. "Combined with A. Schulman's strong balance sheet and solid cash flow generation, the new agreement expands our ability to pursue strategic acquisition opportunities, while supporting our organic growth initiatives, share repurchase program, and long-standing dividend which is currently yielding approximately 3%. Utilizing our new credit facility effectively to support these key initiatives will allow us to maximize shareholder returns."
More detail on the new credit agreement will be described in the Form 8-K which the Company will file
About A. Schulman, Inc.
A. Schulman, Inc. is a leading international supplier of high-performance plastic compounds and resins headquartered in Akron, Ohio. Since 1928, the Company has been providing innovative solutions to meet its customers' demanding requirements. The Company's customers span a wide range of markets such as packaging, mobility, building & construction, electronics & electrical, agriculture, personal care & hygiene, sports, leisure & home, custom services and others. The Company employs approximately 3,300 people and has 34 manufacturing facilities globally. A. Schulman reported net sales of $2.1 billion for the fiscal year ended August 31, 2012. Additional information about A. Schulman can be found at www.aschulman.com.
Cautionary Note on Forward-Looking Statements
A number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments and may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historic or current facts and relate to future events and expectations. Forward-looking statements contain such words as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which management is unable to predict or control, that may cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements, and that could adversely affect the Company's future financial performance, include, but are not limited to, the following:
The risks and uncertainties identified above are not the only risks the Company faces. Additional risk factors that could affect the Company's performance are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2012. In addition, risks and uncertainties not presently known to the Company or that it believes to be immaterial also may adversely affect the Company. Should any known or unknown risks or uncertainties develop into actual events, or underlying assumptions prove inaccurate, these developments could have material adverse effects on the Company's business, financial condition and results of operations.
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