Key Developments: North American Galvanizing & Coatings, Inc. (NGA.O)
4.95USD
9 Feb 2010
$-0.15 (-2.94%)
$4.95
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$5.15
$4.92
66,069
53,315
$7.85
$2.15
Latest Key Developments
North American Galvanizing & Coatings Completes Private Placement
North American Galvanizing & Coatings announced that effective August 21, 2009 the Company completed its previously reported private placement of 10% subordinated notes and warrants to purchase shares of common stock. The Company raised $7.3 million in gross subscription proceeds. The private placement was offered to a group of current large shareholders and a limited number of other accredited investors who had expressed an interest in investing in the Company. The Company placed $7.3 million in principal of 10% subordinated notes and warrants to purchase 1,095,000 shares of common stock. The strike price of the warrants was set at $5.20 per share of common stock.
North American Galvanizing & Coatings, Inc. Announces New Financing
North American Galvanizing & Coatings, Inc. announced that the Board of Directors has approved a new capital and funding structure designed to facilitate the Company's growth strategy. The Company's new capital and funding structure will consist of a combination of an expanded bank facility and a $10 million capital raise through a private placement offering of subordinated notes and warrants. The Company has executed a commitment letter with Wells Fargo Bank, N.A. for a new credit agreement. The new credit agreement, which will replace the existing credit agreement, will provide for a base borrowing amount of $25 million with a higher acquisition funding feature. The new credit agreement is expected to be finalized by the end of July. The Company is also proceeding with a $10 million capital raise through a private placement of subordinated notes and warrants to purchase unregistered shares of the Company's common stock. The private placement will be offered to a group of accredited investors who are current stockholders of record that held at least 10,000 shares of the Company's common stock as of June 12, 2009. The Company must sell $5 million of subordinated notes and warrants in order to close the private placement, and the Company, in its sole discretion, may sell up to an additional $1.5 million of subordinated notes and warrants if the private placement is over subscribed. The private placement is expected to close on or before August 7, 2009.
North American Galvanizing & Coatings, Inc. Announces Opening of Benwood, West Virginia Facility
North American Galvanizing & Coatings, Inc. announced the opening of North American Galvanizing Company's new facility in Benwood, WV. Construction of the facility was completed in May at which time the plant commenced a 'soft start-up'.
North American Galvanizing & Coatings, Inc. Announces New Plant Location
North American Galvanizing & Coatings, Inc. announced that the Company is constructing a new hot-dip galvanizing plant in Benwood, West Virginia. The new operation, which is expected to be online in late April, will utilize a 30 foot kettle and becomes the Company's eleventh hot-dip galvanizing plant. The plant will be constructed in an existing building that the Company has leased. The company projects a $3.5 million expenditure for fixed assets.
North American Galvanizing & Coatings, Inc. Announces Increase In Share Buyback
North American Galvanizing & Coatings, Inc. announced that its Board of Directors has authorized the company to buy back an additional $2 million of its common stock, subject to market conditions.
North American Galvanizing & Coatings, Inc. Delisted From AMEX
North American Galvanizing & Coatings, Inc. announced that it has been delisted from the American Stock Exchange (AMEX). North American Galvanizing & Coatings, Inc.'s common shares will be listed on the NASDAQ.
North American Galvanizing & Coatings, Inc. Enters $25 Million Revolving Credit Facility-Knobias
Knobias reported that North American Galvanizing & Coatings, Inc. has entered into a new credit agreement with Bank of America. The New Credit Agreement provides for a revolving credit facility in the aggregate principal amount of $25 million provision for with future increases of up to an additional principal amount of $10 million. The purpose of the new facility is to refinance a former credit agreement, term debt, and bond debt, provide for issuance of standby letters of credit, acquisitions, and for other general corporate purposes.
North American Galvanizing & Coatings, Inc. Signs Remediation Settlement-DJ
Dow Jones reported that North American Galvanizing & Coatings, Inc. said that it has entered into an agreement in principle to settle a previously disclosed lawsuit claiming property damage relating to a former subsidiary's operation. The lawsuit, initiated by the Metropolitan Water Reclamation District of Greater Chicago, alleges that certain environmental releases occurred during the term of a lease between the Chicago government unit and a former subsidiary of the Company, Lake River Corp. Under the terms of the agreement, the Company has agreed to fund 50% of the cost, up to $350,000, to enroll the site in the Illinois Voluntary Site Remediation Program, a cleanup program administered by the government.
North American Galvanizing & Coatings, Inc. Chief Financial Officer Intends to Retire
North American Galvanizing & Coatings, Inc. announced that Mr. Paul R. Chastain has informed the Board of Directors that he will resign his position as Chief Financial Officer, following the Company's annual meeting of shareholders scheduled for late May. The Company plans to appoint Ms. Hood as Vice President-Chief Financial Officer at its regularly scheduled Board of Directors meeting immediately following the shareholders meeting in May.
North American Galvanizing & Coatings, Inc. Announces Agreement to Purchase Gregory Galvanizing
North American Galvanizing & Coatings, Inc. announced that it had reached a tentative agreement with Gregory Industries, Inc. for the purchase of Gregory's hot-dip galvanizing assets located in Canton, Ohio.
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