Arch Chemicals Enters into New Accounts Receivable Securitization Facility
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NORWALK, Conn.--(Business Wire)--
Arch Chemicals, Inc. (NYSE: ARJ) announced today that it has entered into a
trade accounts receivable securitization facility with PNC Bank and its
affiliate, Market Street Funding LLC, which will provide up to $80 million of
funding to the Company. This facility replaces the Company`s previous
securitization facility with SunTrust Bank and its affiliates; and it follows
the Company`s recent completion of its seven-year, $75 million private placement
in September and its $100 million term loan completed earlier in the year.
Arch Chemicals` Senior Vice President and CFO Steven C. Giuliano said: "We are
pleased to have closed on this receivables securitization facility. It is an
attractive source of funding which fits well with the seasonal nature of our
working capital needs, as well as our strategy of maintaining diversified
sources of liquidity."
About Arch
Headquartered in Norwalk, Connecticut (USA), Arch Chemicals, Inc. is a global
Biocides company with annual sales of approximately $1.5 billion. Arch and its
subsidiaries provide innovative, chemistry-based and related solutions to
selectively destroy and control the growth of harmful microbes. The Company`s
concentration is in water treatment, hair and skin care products, treated wood,
preservation and protection applications such as for paints and building
products, and health and hygiene applications. Arch Chemicals operates in two
segments: Treatment Products and Performance Products. Together with its
subsidiaries, Arch has approximately 3,000 employees and manufacturing and
customer-support facilities in North and South America, Europe, Asia, Australia
and Africa. For more information, visit the Company`s Web site at
http://www.archchemicals.com.
Except for historical information contained herein, the information set forth in
this communication contains forward-looking statements that are based on
management's beliefs, certain assumptions made by management and management's
current expectations, outlook, estimates and projections about the markets and
economy in which the Company and its various businesses operate. Words such as
"anticipates," "believes," "estimates," "expects," "forecasts," "intends,"
"opines," "plans," "predicts," "projects," "should," "targets" and variations of
such words and similar expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future performance and
involve certain risks, uncertainties and assumptions ("Future Factors"), which
are difficult to predict. Therefore, actual outcomes and results may differ
materially from what is expected or forecasted in such forward-looking
statements. The Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of future events, new
information or otherwise. Future Factors which could cause actual results to
differ materially from those discussed include but are not limited to: general
economic and business and market conditions; continued weakening in U.S.,
European and Asian economies; increases in interest rates; changes in foreign
currencies against the U.S. dollar; customer acceptance of new products;
efficacy of new technology; changes in U.S. or foreign laws and regulations;
increased competitive and/or customer pressure; loss of key customers; the
Company's ability to maintain chemical price increases; higher-than-expected raw
material and energy costs and availability for certain chemical product lines; a
change in the antidumping duties on certain products; increased foreign
competition in the calcium hypochlorite markets; inability to obtain
transportation for our chemicals; unfavorable court decisions, including
unfavorable decisions in appeals of antidumping rulings, arbitration or jury
decisions or tax matters; the supply/demand balance for the Company's products,
including the impact of excess industry capacity; failure to achieve targeted
cost-reduction programs; capital expenditures in excess of those scheduled;
environmental costs in excess of those projected; the occurrence of unexpected
manufacturing interruptions/outages at customer or Company plants; a decision by
the Company not to start up the hydrates manufacturing facility; unfavorable
weather conditions for swimming pool use; inability to expand sales in the
professional pool dealer market; the impact of global weather changes; changes
in the Company`s stock price; ability to obtain financing at attractive rates;
financial market disruptions that impact our customers or suppliers; and gains
or losses on derivative instruments.
Arch Chemicals, Inc.
Investors:
Mark E. Faford, 203-229-2654
or
Press:
Dale N. Walter, 203-229-3033
Copyright Business Wire 2009
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