PR Newswire
KATY, Texas, July 10, 2023
KATY, Texas, July 10, 2023 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA), a diversified industrial minerals company and the leading last-mile logistics provider to the oil and gas industry, today announced that it has completed a $25 million voluntary term loan principal repayment. The debt was extinguished at par using excess cash on hand.
"Given our current strong business performance and cash flow delivery, we are pleased to announce today that we are extinguishing additional debt and further strengthening our balance sheet," commented Bryan Shinn, Chief Executive Officer. "In the past year, we have extinguished $284 million of debt, reducing our total debt outstanding by 24%. We are also simultaneously investing in increased capacity, added capabilities and innovative new products in our industrial business, as planned. U.S. Silica is committed to improving it's leverage profile as part of our long-term strategy to take advantage of future growth opportunities and enhance shareholder value. We look forward to discussing our recent accomplishments and business outlook during our upcoming second quarter earnings call in a few weeks."
About U.S. Silica
U.S. Silica Holdings Inc. is a global performance materials company and is a member of the Russell 2000. The company is a leading producer of commercial silica used in the oil and gas industry and in a wide range of industrial applications. Over its 123-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver more than 600 diversified products to customers across our end markets.
U.S. Silica's wholly-owned subsidiaries include EP Minerals and SandBox Logisticsâ„¢. EP Minerals is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays and non-activated clays. SandBox Logisticsâ„¢ is a state-of-the-art leader in proppant storage, handling and well-site delivery, and is dedicated to making proppant logistics cleaner, safer and more efficient. The company has 27 operating mines and processing facilities and two additional exploration stage properties across the United States and is headquartered in Katy, Texas.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as "expect," "may," "believe," "plan," "estimate," "intend," "anticipate," "should," "could," "will," "see," "likely," and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements regarding the ability of the Company to reduce its leverage ratio. The Company cannot give any assurance that such statements will prove correct. These statements are subject to, among other things, the risks and uncertainties detailed in the Company's most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. Actual outcomes may vary materially from those reflected in the forward-looking statements. The forward-looking statements speak only as of the date made, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Investor Contact
Patricia Gil
Vice President, Investor Relations & Sustainability
(281) 505-6011
[email protected]
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SOURCE U.S. Silica Holdings, Inc.
