Headwaters Incorporated Announces Repurchase of Substantially All of Its Outstanding 8.75% Convertible Subordinated Notes
February 17 2015 - 10:30AM
Business Wire
HEADWATERS INCORPORATED (NYSE: HW) today announced it has
repurchased and canceled approximately $49 million in aggregate
principal amount of its 8.75% Convertible Subordinated Notes due
2016 for consideration of approximately $52 million, including an
immaterial amount of accrued interest through the purchase dates,
pursuant to open market transactions.
"We are pleased with the continued improvement in our capital
structure," stated Don P. Newman, Headwaters' Chief Financial
Officer. "As a result of the debt repayments, annual cash interest
will reduce by approximately $4.3 million, and our next debt
maturity is in 2019."
About Headwaters Incorporated
Headwaters Incorporated is improving lives through innovative
advancements in construction materials through application, design,
and purpose. Headwaters is a diversified growth company providing
products, technologies and services to the construction materials
and building products markets. Through its coal combustion
products, building products, and energy businesses, the Company has
been able to improve sustainability by transforming underutilized
resources into valuable products. www.headwaters.com
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This press release contains forward-looking statements relating
to Headwaters’ operations that are based on management’s current
expectations, estimates and projections about the industries in
which Headwaters operates. Words such as “may,” “should,”
“anticipates,” “expects,” “intends,” “plans,” “targets,”
“forecasts,” “projects,” “believes,” “seeks,” “schedules,”
“estimates,” “budgets,” “goals,” “outlook” and similar expressions
are intended to help identify such forward-looking statements.
Forward-looking statements include Headwaters’ expectations as to
the managing and marketing of coal combustion products, the
production and marketing of building products, the sales to oil
refineries of residue hydrocracking catalysts, the development,
commercialization, and financing of new products and other
strategic business opportunities and acquisitions, and other
information about Headwaters which are not purely historical by
nature, including those statements regarding Headwaters’ future
business plans, the operation of facilities, the availability of
feedstocks, and the marketability of the coal combustion products,
building products and catalysts. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and other factors, many of which are beyond the
Company’s control and are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements. The reader should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Unless legally
required, Headwaters undertakes no obligation to update publicly
any forward-looking statements, whether as a result of new
information, future events or otherwise. Among the important
factors that could cause actual results to differ materially from
those in the forward-looking statements are: changing feedstock and
energy prices; actions of competitors or regulators; technological
developments; potential disruption of the Company’s production
facilities, transportation networks and information technology
systems due to war, terrorism, malicious attack, civil accidents,
political events, civil unrest or severe weather; potential
environmental liability or product liability under existing or
future laws and litigation; potential liability resulting from
other pending or future litigation; changed accounting rules under
generally accepted accounting principles promulgated by
rule-setting bodies; and the factors set forth under the heading
“Risk Factors” in the Company’s Annual Report on Form 10-K,
quarterly reports on Form 10-Q and other periodic reports. In
addition, such results could be affected by general domestic and
international economic and political conditions and other
unpredictable or unknown factors not discussed in this press
release which could have material adverse effects on
forward-looking statements.
AT THE COMPANY:Headwaters IncorporatedSharon MaddenVice
President of Investor Relations(801) 984-9400orANALYST
CONTACT:Financial ProfilesTricia Ross(310) 622-8226
Headwaters (NYSE:HW)
Historical Stock Chart
From Apr 2024 to May 2024
Headwaters (NYSE:HW)
Historical Stock Chart
From May 2023 to May 2024