Harsco Corporation Completes Accounts Receivable Securitization to Support Financial Flexibility
01 July 2022 - 6:15AM
Harsco Corporation (NYSE: HSC) today announced that it has closed
an accounts receivable securitization facility of $150 million with
PNC Bank, N.A. The Company expects to initially utilize
approximately $120 million of the facility, with this asset
monetization providing annual interest savings of approximately $2
million. This transaction also lowers Harsco’s leverage as defined
under its existing senior secured credit agreement. The remaining
availability under the facility may be funded at the Company’s
discretion in subsequent quarters. The facility has a term of three
years.
“We are pleased to have successfully completed a
sizable asset securitization with one of our core banks,” said
Anshooman Aga, Senior Vice President and Chief Financial Officer.
“Reducing leverage and improving cash flow are key financial
priorities for Harsco.”
This press release shall not constitute an offer
to sell or a solicitation of an offer to purchase any loans or
securities.
About Harsco Corporation
Harsco Corporation is a global market leader
providing environmental solutions for industrial and specialty
waste streams. Based in Camp Hill, PA, the 12,000-employee company
operates in more than 30 countries. Harsco’s common stock is a
component of the S&P SmallCap 600 Index and the Russell 2000
Index. Additional information can be found at www.harsco.com.
Investor Contact David
Martin717.612.5628 damartin@harsco.com
Media ContactJay
Cooney717.730.3683 jcooney@harsco.com
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