Key Developments: Horsehead Holding Corp (ZINC.O)
11.40USD
17 May 2013
$0.15 (+1.33%)
$11.25
$11.37
$11.44
$11.26
248,428
313,189
$11.69
$8.20
Latest Key Developments (Source: Significant Developments)
Horsehead Holding Corp Prices Offering of $175 Million of Senior Secured Notes
Horsehead Holding Corp announced the pricing of the $175,000,000 aggregate principal amount of its 10.50% Senior Secured Notes due 2017 (collectively, the Notes), at an issue price of 98.188% of par, with a yield to maturity of 11.000%. The Company intends to use a portion of the proceeds from the Notes, together with cash on hand, to pay for the completion of the construction of the Company`s new zinc facility in Rutherford County, North Carolina, and the remainder for general corporate purposes, including working capital needs, investment in other business initiatives and other capital expenditures. The Company anticipates that the closing of the private offering will take place on or about July 26, 2012, subject to customary closing conditions. The Notes will pay interest semiannually at a rate of 10.50% per annum. The Notes will be the senior secured obligations of the Company and will be fully and unconditionally guaranteed, on a senior secured basis, by the Company`s existing and future domestic restricted subsidiaries, other than certain excluded subsidiaries. Full Article
Horsehead Holding Corp Announces Proposed Private Debt Offering
Horsehead Holding Corp announced that it currently intends, subject to market and other conditions, to offer senior secured notes (the Notes) in a private offering. The Notes, if offered, will be offered only to "qualified institutional buyers" in accordance with Rule 144A and to non-U.S. persons under Regulation S under the Securities Act of 1933, as amended (the Securities Act). Horsehead continues to explore and pursue other private financing alternatives, and may at any time elect to no longer pursue a possible Notes offering. The Company intends to use the net proceeds of the Notes offering or any alternative private financing to fund construction of its Rutherford, North Carolina plant. Full Article
Horsehead Holding Corp's Subsidiary Enters Into Option Agreement With Shell
Horsehead Holding Corp's wholly owned subsidiary Horsehead Corporation announced that it has entered into an agreement granting Shell Chemical LP an option to purchase the site of its current zinc production operations located near Monaca, PA, to evaluate it for a potential petrochemical complex. Financial terms of the transaction were not disclosed. Full Article
Horsehead Holding Corp's Horsehead Corporation Expands Recycling Services Agreement
Horsehead Corporation, a wholly owned subsidiary of Horsehead Holding Corp. announced that it has entered into a 10 year agreement with Nucor Corporation which will expand and extend the existing commercial relationship between the companies. Horsehead presently services three Nucor steel mills located in the Southeastern U.S. under a 12-year agreement which was the basis for the decision to construct Horsehead’s Barnwell, SC EAF dust recycling facility. This new agreement, which does not affect the three Nucor mills serviced by Barnwell, extends the existing service contracts with all of the other Nucor steel mills that Horsehead currently services and expands the relationship to include additional Nucor facilities across the United States. Full Article
Horsehead Holding Corp's Horsehead Corporation Announces New $60 Million Credit Facility
Horsehead Holding Corp's Horsehead Corporation announced that it has entered into a new, five-year senior secured credit facility with PNC Bank, N.A. The new facility provides for borrowings of up to $60 million, subject to a borrowing base, and is secured by substantially all of the tangible and intangible assets of Horsehead Corporation. The Company entered into the new credit agreement to support liquidity needs for the Company’s new, zinc and diversified metals production facility under construction in Rutherford County, NC, and to allow for the availability of previously restricted cash. Full Article
Horsehead Holding Corp Announces Exercise In Full By Initial Purchasers Of Option To Purchase Additional Convertible Notes And Closing Of Offering Of $100 Million Of Convertible Notes
Horsehead Holding Corp announced that the initial purchasers in the Company’s previously announced private placement offering of convertible senior notes due 2017 (Convertible Notes) have fully-exercised their option to purchase up to an additional $20,000,000 in aggregate principal amount of Convertible Notes, resulting in a total sale to the Initial Purchasers of $100,000,000 in aggregate principal amount of Convertible Notes. The Company also announced that it has closed the Offering. The Company intends to use the proceeds from the Offering, together with cash on hand, for the initial stages of construction of a new zinc facility and general corporate purposes, including working capital needs, investment in business initiatives, capital expenditures and acquisitions. Full Article
Horsehead Holding Corp Prices Offering of $80 Million Of Convertible Notes
Horsehead Holding Corp announced it priced an offering of $80,000,000 aggregate principal amount of its convertible senior notes due 2017 (the Convertible Notes) in a private placement (the Offering). The Company intends to use the proceeds from the Offering, together with cash on hand, for the initial stages of construction of a new zinc facility and general corporate purposes, including working capital needs, investment in business initiatives, capital expenditures and acquisitions. The Company also granted the initial purchasers of the Convertible Notes a 30-day option to purchase up to an additional $20,000,000 aggregate principal amount of Convertible Notes. The Convertible Notes will pay interest semiannually at a rate of 3.8% per annum and will be convertible into shares of the Company’s common stock, cash, or a combination of shares of the Company’s common stock and cash, at the Company’s election, at an initial conversion rate of 66.6667 shares of the Company’s common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $15.00 per share of common stock, subject to adjustment in certain circumstances. The Company anticipates that the closing of the Offering will take place on or about July 27, 2011. Full Article
Horsehead Holding Corp Announces Proposed Offering of $80 Million of Convertible Notes
Horsehead Holding Corp announced that it proposes to offer $80,000,000 aggregate principal amount of its convertible senior notes due 2017 (Convertible Notes) in a private placement (Offering) subject to market conditions and other factors. The Company also expects to grant the initial purchasers of the Convertible Notes a 30-day option to purchase up to an additional $20,000,000 aggregate principal amount of Convertible Notes. The Convertible Notes will be unsecured senior obligations of the Company and will be convertible into shares of the Company’s common stock, cash, or a combination of shares of the Company’s common stock and cash, at the Company’s election. The Company intends to use the proceeds from the Offering, together with cash on hand, for the initial stages of construction of a new zinc facility and general corporate purposes, including working capital needs, investment in business initiatives, capital expenditures and acquisitions. Full Article
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