Enviri Corporation Secures Renewal of Securitization Facility
Enviri Corporation Renews Securitization Facility
Enviri Corporation (NYSE: NVRI) has made a significant advancement by renewing its accounts receivable securitization facility with PNC Bank, N.A., totaling $150 million. This facility, previously set to mature in June 2025, now has an extended term that will last until October 2027.
Strategic Financial Management
According to Tom Vadaketh, the senior vice president and chief financial officer, the renewal of this facility underscores the company’s commitment to sound financial management. “We are pleased to renew this facility with PNC,” Vadaketh stated, highlighting its importance in proactively navigating future debt maturities. This initiative is part of Enviri's broader strategy aimed at enhancing shareholder value.
Importance of the Facility
Vadaketh emphasized that this securitization facility is not just a financial tool but a critical component of Enviri’s capital structure. The renewal aligns with the company’s strategic objectives which include increasing cash flow and reducing leverage to a targeted ratio of 2.5x.
About Enviri Corporation
Enviri stands at the forefront of environmental services, dedicated to transforming global operations towards sustainability. The company provides innovative solutions aimed at recycling and reusing waste, thus helping a broad range of customers tackle complex environmental challenges. With more than 150 locations operating in over 30 countries, Enviri is committed to making a positive impact worldwide.
Growth and Sustainability Initiatives
The company's approach integrates sustainability into its operations, and Enviri continuously seeks ways to enhance its environmental contributions. Their services not only help clients achieve sustainability goals but also position them as leaders in the green transformation sector.
Contact Information
For additional details regarding the company’s recent developments, please reach out to:
Investor Contact:
David Martin
Phone: +1.267.946.1407
Email: dmartin@enviri.com
Media Contact:
Maura Pfeiffer
Phone: +1.267.964.1868
Email: mpfeiffer@enviri.com
Frequently Asked Questions
What is the significance of the renewal of the securitization facility for Enviri Corporation?
The renewal enhances Enviri's financial flexibility, allows for better cash flow management, and aids in reducing leverage, supporting the company's growth objectives.
How long will the renewed facility last?
The renewed accounts receivable securitization facility will last until October 2027, providing Enviri with crucial financial resources for the coming years.
Who can be contacted for more information regarding Enviri Corporation?
David Martin is the investor contact, while Maura Pfeiffer handles media inquiries. Their contact information includes direct phone numbers and email addresses listed above.
What are Enviri's main services?
Enviri specializes in providing environmental services including recycling and waste management solutions that help customers achieve sustainability targets.
What is Enviri Corporation's strategy moving forward?
The company aims to focus on increasing cash flow, reducing leverage, and remaining at the forefront of providing innovative environmental solutions globally.
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