Horsehead Holding Corp. (ZINC), today announced the completion of transactions that have added in excess of $35 million of liquidity. On June 24, 2013, its wholly owned subsidiary, INMETCO, entered into a new, three-year senior secured revolving credit facility with Wells Fargo Bank, N.A. The new facility provides for borrowings of up to $15 million and is secured by substantially all of the tangible and intangible assets of INMETCO. On June 3, 2013, Horsehead also completed the sale of an additional $20.0 million in aggregate principal amount of its 10.50% Senior Secured Notes due 2017 at an issue price of 106.5%. These additional notes were issued pursuant to a Supplemental Indenture, dated as of June 3, 2013, and an Indenture, dated as of July 26, 2012.
The Company entered into the new credit agreement and sold the additional notes to support liquidity needs for its new, state-of-the-art zinc and diversified metals production facility under construction in Mooresboro, NC and for general corporate purposes.
Horsehead Holding Corp. (“Horsehead”) (ZINC) is the parent company of Horsehead Corporation, a leading U.S. producer of specialty zinc and zinc-based products and a leading recycler of electric arc furnace dust; The International Metals Reclamation Company (“INMETCO”), a leading recycler of metals-bearing wastes and a leading processor of nickel-cadmium (NiCd) batteries in North America; and Zochem Inc., a zinc oxide producer located in Brampton, Ontario. Horsehead, headquartered in Pittsburgh, Pa., employs approximately 1,100 people and has eight facilities throughout the U.S. and Canada. Visit www.horsehead.net for more information.
- Investment & Company Information
Robert D. Scherich, Vice President & CFO, 724-773-9000