AZZ Inc. Completes Repricing of Term Loan B for Savings
AZZ Inc. Successfully Reprices Term Loan B
AZZ Inc. (NYSE: AZZ), recognized as a leading independent provider of hot-dip galvanizing and coil coating solutions, has recently achieved a significant milestone by repricing its existing $890 million Term Loan B. This strategic move is expected to save the company approximately $7 million annually in interest payments.
Details of the Repricing
The Term Loan B repricing entails a reduction in the interest rate margin by an additional 75 basis points, now set at SOFR + 250 basis points. Importantly, this repricing is leverage-neutral, meaning that there have been no changes made to the company’s leverage, maturity date, or covenants. This decision follows the strong market demands for AZZ's financial instruments, and it showcases the strength of the company despite the changing economic landscape.
Financial Performance and Strategy
Jason Crawford, the Chief Financial Officer of AZZ Inc., expressed satisfaction with the company's financial performance since the initial issuance of this loan in 2022. Over this period, AZZ has successfully reduced the interest margin by a total of 185 basis points, demonstrating its robust operational performance and cash flow generation.
Impact on Debt and Capital Structure
This latest repricing aligns with AZZ's commitment to maintaining a disciplined approach to its debt management, strengthening its balance sheet, and enhancing its leverage profile. The company’s effective execution of its strategic initiatives post the acquisition of Precoat Metals has positioned it to better handle market demands and opportunities.
About AZZ Inc.
AZZ Inc. stands as a leading independent provider of hot-dip galvanizing and coil coating solutions, serving a diverse range of end-markets. The company's various business segments deliver unmatched metal coating solutions, contributing significantly to the longevity and aesthetics of critical infrastructure and products used in daily life.
Forward-Thinking Approach
AZZ Inc. continuously seeks to innovate and adapt, understanding the dynamics of customer demand across construction, industrial, and metal coatings markets. As they navigate the challenges presented by rising labor costs and fluctuating raw material prices, including zinc and natural gas, AZZ ensures that they remain resilient in the face of changing market conditions.
Company Contact Information
For further inquiries, investors can reach out to:
David Nark, Senior Vice President of Marketing, Communications, and Investor Relations
AZZ Inc.
(817) 810-0095
Visit us at www.azz.com
Frequently Asked Questions
What is the significance of AZZ’s Term Loan B repricing?
The repricing allows AZZ to reduce its interest expenses significantly, saving the company about $7 million annually.
How much has AZZ reduced the interest margin since its Term Loan B was issued?
AZZ has successfully reduced the interest margin by a total of 185 basis points since the loan's issuance in May 2022.
What markets does AZZ Inc. serve?
AZZ Inc. provides hot-dip galvanizing and coil coating solutions to a variety of markets, including construction, industrial, and metal coatings.
Who should be contacted for investor relations inquiries?
David Nark, the Senior Vice President of Marketing and Communications, is the point of contact for investor relations inquiries.
What strategies does AZZ employ to manage its debt?
AZZ adopts a disciplined approach to debt management, focusing on strengthening its balance sheet and maintaining a favorable leverage profile.
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