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 Logistics™. EP
Minerals is an industry leader in the production of products
derived from diatomaceous earth, perlite, engineered clays and
non-activated clays. SandBox Logistics™ 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
gil@ussilica.com
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SOURCE U.S. Silica Holdings, Inc.