MALVERN,
Pa., June 12, 2024 /PRNewswire/ -- Ecovyst Inc.
(NYSE: ECVT) ("Ecovyst" or the "Company"), a leading integrated and
innovative global provider of advanced materials, specialty
catalysts and services, today announced that it has successfully
amended and extended its existing senior secured term loan facility
(the "Amended Term Loan Facility") in an aggregate principal amount
of $873 million at a lower interest
rate margin and with an extended maturity. The Amended Term Loan
Facility will have interest at a floating rate of SOFR (with a zero
percent minimum SOFR floor) plus 2.25 percent per annum (a
reduction from the prior maximum interest rate of SOFR plus 2.75
percent) and will mature in June of 2031. The Amended Term Loan
Facility also eliminates the Credit Spread Adjustment (CSA) of 10
basis points.
"We are very pleased with the favorable outcome of the
refinancing to extend our Term Facility by three years at a lower
cost. The market continues to reward Ecovyst with attractive
borrowing rates due to the strong operating results and cash flow
generation of our portfolio," commented Mike Feehan, Vice President and Chief Financial
Officer. "We believe this amendment to our Term Loan Facility will
provide for additional flexibility as we continue to invest in the
numerous growth opportunities in front of Ecovyst."
As a result of the refinancing, the Company expects to reduce
cash interest by approximately $3.0
million per annum.
About Ecovyst Inc.
Ecovyst Inc. and subsidiaries is a leading integrated and
innovative global provider of advanced materials, specialty
catalysts and services. We support customers globally through our
strategically located network of manufacturing facilities. We
believe that our products, which are predominantly inorganic, and
our services contribute to improving the sustainability of the
environment.
We have two uniquely positioned specialty businesses:
Ecoservices provides sulfuric acid recycling to the North
American refining industry for the production of alkylate and
provides high quality and high strength virgin sulfuric acid for
industrial and mining applications. Ecoservices also provides
chemical waste handling and treatment services, as well as ex-situ
catalyst activation services for the refining and petrochemical
industry. Advanced Materials & Catalysts provides
finished silica catalysts, catalyst supports and functionalized
silicas necessary to produce high performing plastics and to enable
sustainable chemistry, and through its Zeolyst joint venture,
innovates and supplies specialty zeolites used in catalysts that
support the production of sustainable fuels, remove nitrogen oxides
from diesel engine emissions, and that are broadly applied in
refining and petrochemical processes.
Note on Forward-Looking Statements
Some of the information contained in this press release
constitutes "forward-looking statements." Forward-looking
statements can be identified by words such as "anticipates,"
"intends," "plans," "seeks," "believes," "estimates," "expects,"
"projects" and similar references to future periods.
Forward-looking statements are based on our current expectations
and assumptions regarding our business, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. Our actual
results may differ materially from those contemplated by the
forward-looking statements. We caution you, therefore, against
relying on any of these forward-looking statements. They are
neither statements of historical fact nor guarantees or assurances
of future performance. These forward-looking statements speak only
as of the date of this release. Factors or events that could cause
our actual results to differ may emerge from time to time, and it
is not possible for us to predict all of them. We undertake no
obligation to update any forward-looking statement, whether as a
result of new information, future developments or otherwise, except
as may be required by applicable law.
For more information:
Gene Shiels – Director of
Investor Relations
(484) 617-1225
gene.shiels@ecovyst.com
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SOURCE Ecovyst Inc.