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Harsco Corporation Repays October 2015 Notes And Provides Third Quarter And Full Year 2015 Update

The following excerpt is from the company's SEC filing.

CAMP HILL, PA (October 15, 2015) . . . Harsco Corporation (NYSE: HSC) today announced that it repaid its 2.7% $250 million Notes due October 15, 2015 with funds provided through its revolving credit facility. In recent weeks, the Company has been evaluating a number of long-term alternatives to refinance these notes and this process is ongoing. In the meantime, the revolving credit facility provides an attractive financing option, and given that the credit agreement term extends into 2017, Harsco believes this will provide adequate financial liquidity and borrowing capacity as the Company continues to assess its cap ital needs in the context of operational trends and strategic initiatives.

At the end of the September quarter, Harsco maintained borrowing capacity and available cash of approximately $450 million and a net leverage ratio of 2.7x as compared with a maximum debt covenant of 3.75x under the Company’s current Credit Agreement. Harsco also expects its debt levels to remain stable for the balance of the year.

Third Quarter and Full Year Update

The Company expects that its third quarter 2015 results will be above the guidance ranges previously provided for key financial figures excluding any special items taken in the quarter. Prior guidance for the third quarter included adjusted operating income of $20 million to $25 million and adjusted earnings per share of $0.05 to $0.09. During the September quarter, Metals & Minerals and Rail performed better than expectations while lower Corporate spending offset modest weakness experienced within the Industrial segment. Looking forward, the Company continues to anticipate that adjusted operating income for the full-year will be within the previously provided range of $120 to $135 million.

Harsco plans to provide a thorough update when it reports third quarter results in early November. Details regarding its earnings release and...


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