FORT WORTH, Texas, March 24, 2017 /PRNewswire/ -- AZZ Inc.
(NYSE:AZZ), a global provider of galvanizing services, welding
solutions, specialty electrical equipment and highly engineered
services to the power generation, transmission, distribution and
industrial markets, today announced it entered into a new credit
agreement as of March 21, 2017,
amending and restating the existing credit agreement, originally
dated March 27, 2013 and amended on
August 8, 2016. The new
five-year, $450 million revolving
credit facility, which will expire on March
21, 2022, contains a $150
million accordion feature to upsize the facility to
$600 million if needed, and also
includes a $75 million sub-limit for
the issuance of letters of credit.
"I'm very pleased to finalize a new credit agreement with our
banking partners," said Paul
Fehlman, AZZ's Chief Financial Officer. "We believe the new
credit facility accomplishes the important strategic goal of
providing us significant financial flexibility at lower credit
spreads that will support our growth initiatives, and positions us
to consider strategic opportunities that can add value to our
business. The new agreement further demonstrates the confidence our
banking partners have in the financial strength of our
business."
The new credit agreement contains customary representations,
warranties, covenants and events of default. The Company's
obligations under the new agreement are unsecured, but all of the
Company's subsidiaries (other than the subsidiaries organized in a
jurisdiction outside of the United
States) have guaranteed such obligations. The Company
today also filed a Form 8-K with the Securities and Exchange
Commission describing additional terms and conditions of the new
credit agreement.
About AZZ Inc.
AZZ Inc. is a global provider of galvanizing services, welding
solutions, specialty electrical equipment and highly engineered
services to the markets of power generation, transmission,
distribution and industrial in protecting metal and electrical
systems used to build and enhance the world's infrastructure. AZZ
Galvanizing is a leading provider of metal finishing solutions for
corrosion protection, including hot dip galvanizing to the North
American steel fabrication industry. AZZ Energy is dedicated to
delivering safe and reliable transmission of power from generation
sources to end customers, and automated weld overlay solutions for
corrosion and erosion mitigation to critical infrastructure in the
energy markets worldwide.
Safe Harbor Statement
Certain statements herein about our expectations of
future events or results constitute forward-looking statements for
purposes of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. You can identify forward-looking
statements by terminology such as, "may," "should," "expects,"
"plans," "anticipates," "believes," "estimates," "predicts,"
"potential," "continue," or the negative of these terms or other
comparable terminology. Such forward-looking statements are based
on currently available competitive, financial and economic data and
management's views and assumptions regarding future events. Such
forward-looking statements are inherently uncertain, and investors
must recognize that actual results may differ from those expressed
or implied in the forward-looking statements. This release may
contain forward-looking statements that involve risks and
uncertainties including, but not limited to, changes in customer
demand and response to products and services offered by AZZ,
including demand by the power generation markets, electrical
transmission and distribution markets, the industrial markets, and
the hot dip galvanizing markets; prices and raw material cost,
including zinc and natural gas which are used in the hot dip
galvanizing process; changes in the political stability and
economic conditions of the various markets that AZZ serves, foreign
and domestic, customer requested delays of shipments, acquisition
opportunities, currency exchange rates, adequacy of financing, and
availability of experienced management and employees to implement
AZZ's growth strategy. AZZ has provided additional information
regarding risks associated with the business in AZZ's Annual Report
on Form 10-K for the fiscal year ended February 29, 2016 and other filings with the SEC,
available for viewing on AZZ's website at www.azz.com and on the
SEC's website at www.sec.gov. You are urged to consider these
factors carefully in evaluating the forward-looking statements
herein and are cautioned not to place undue reliance on such
forward-looking statements, which are qualified in their entirety
by this cautionary statement. These statements are based on
information as of the date hereof and AZZ assumes no
obligation to update any forward-looking statements, whether as a
result of new information, future events, or otherwise.
Contact:
Paul Fehlman, Senior Vice President
–Finance and CFO
AZZ Inc. 817-810-0095
Internet:
www.azz.com
Lytham Partners
602-889-9700
Joe Dorame, Robert Blum or Joe
Diaz
Internet:
www.lythampartners.com
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SOURCE AZZ Inc.