Covia Announces Actions Designed to Improve Financial Flexibility
COVIA HOLDINGS CORP (CVIA)
Last covia holdings corp earnings: 3/10 06:00 am
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Source: GlobeNewswire
INDEPENDENCE, Ohio, Dec. 31, 2019 (GLOBE NEWSWIRE) -- Covia (NYSE:CVIA), a leading provider of mineral-based material solutions for the Industrial and Energy markets, today announced a series of actions that are expected to improve its financial flexibility: $85 Million Committed Standby Credit Facility - The Company has received a commitment from PNC Bank, National Association for a new, 3-year credit facility for up to $85 million. The new facility is expected to bear interest of LIBOR plus 1.75% and be secured by the Company’s U.S. accounts receivable. In conjunction with the commitment, the Company has voluntarily canceled its $200 million revolving standby credit facility that contained restrictive covenants and carried a higher interest rate. Termination of Railcar Purchase Obligations - The Company and certain railcar manufacturers have entered into definitive agreements to restructure the Company’s railcar purchase obligations which were scheduled to mature in 2020 and 202
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