AMG affiliate Timminco announces update on credit facility
(Thomson Reuters ONE) -
Amsterdam, 26 February 2010 --- AMG Advanced Metallurgical Group N.V.'s ("AMG,"
EURONEXT AMSTERDAM: "AMG") 42.5% owned affiliate, Timminco Limited ("Timminco";
TSX: TIM) announced that its senior secured lender has agreed to eliminate the
requirement for an additional $5 million of minimum availability reserve that
would have become effective as of March 1, 2010.
Under the Credit Agreement dated April 15, 2005, as amended, with Bank of
America, N.A. Agreement, Timminco is able to access funds up to the amount of
the availability under the revolving credit facility. Availability is equal to
(i) the lesser of the borrowing base and the revolving credit commitment under
the revolving credit facility, minus (ii) the sum of the amounts borrowed under
such facility, and the minimum availability reserve. In the fourth quarter of
2009, the Credit Agreement was amended to increase the minimum availability
reserve from $2 million to $7 million, effective for the 45 day period from
February 1 to March 17, 2010. At the end of January, this period was postponed
by one month. The current amendment eliminates this additional requirement
entirely, such that the minimum availability reserve will remain at its current
level of $2 million.
About AMG
AMG, incorporated in the Netherlands, is a global leader in the production of
highly engineered specialty metal products and advanced vacuum furnace systems.
AMG serves growing industries worldwide with its unique combination of
metallurgical engineering expertise and production know-how. AMG is a market
leader in many of its products and systems, which are critical to the production
of key components for the aerospace, energy (including solar and nuclear),
infrastructure and specialty chemicals and metals industries. AMG has two
operating units - Advanced Materials and Engineering Systems, and owns interests
in publicly-listed companies Graphit Kropfmühl AG (Deutsche Börse: GKR.DE) and
Timminco Limited (TSX: "TIM").
The Advanced Materials Division develops and produces niche specialty metals and
complex metals products, many of which are used in demanding, safety-critical,
high-stress environments. AMG is one of a limited number of significant
producers globally of niche specialty metals, such as ferrovanadium,
ferronickel-molybdenum, aluminum master alloys and additives, chromium metal and
ferrotitanium, used by steel, aluminum, chemical and superalloy producers for
aerospace, automotive, energy, electronics, optics, chemicals, construction and
other applications. Other key products produced by AMG include specialty alloys
for titanium and superalloys, coating materials, tantalum and niobium oxides,
vanadium chemicals and antimony trioxide.
The Engineering Systems Division designs, engineers and produces advanced vacuum
furnace systems and operates vacuum heat treatment facilities. AMG is a global
leader in supplying technologically-advanced vacuum furnace systems to customers
in the aerospace, energy (including solar and nuclear), transportation,
electronics, superalloys and specialty steel industries. Examples of furnace
systems produced by AMG include vacuum remelting, solar silicon melting and
crystallization, vacuum induction melting, vacuum heat treatment and high
pressure gas quenching, vacuum precision casting, turbine blade coating and
sintering. AMG also provides vacuum case-hardening heat treatment services on a
tolling basis to customers through facilities equipped with vacuum heat
treatment furnaces.
Graphit Kropfmühl AG is a majority controlled, publicly listed subsidiary of
AMG. Based on its secure raw material sources in Africa, China and Europe,
Graphit Kropfmühl is a specialist in the production of silicon metal and the
extraction, processing and refining of natural crystalline graphite for a wide
range of energy saving industrial applications.
Timminco Limited is a publicly listed affiliate of AMG. Timminco is a leader in
the production of upgraded metallurgical silicon for the rapidly growing solar
photovoltaic energy industry. Timminco also produces silicon metal for use in a
broad range of industrial applications.
AMG operates globally with production facilities in Germany, the United Kingdom,
France, Czech Republic, the United States, Canada, Mexico, Brazil, Sri Lanka and
Australia and also has sales and customer service offices in Belgium, Russia,
China and Japan (website: www.amg-nv.com
For further information please contact:
AMG Advanced Metallurgical Group N.V. +1 610 975 4901
Jonathan Costello
Vice President of Corporate Communications
jcostello(at)amg-nv.com
Disclaimer
Certain statements in this press release are not historical facts and are
"forward looking." Forward looking statements include statements concerning
AMG's plans, expectations, projections, objectives, targets, goals, strategies,
future events, future revenues or performance, capital expenditures, financing
needs, plans and intentions relating to acquisitions, AMG's competitive
strengths and weaknesses, plans or goals relating to forecasted production,
reserves, financial position and future operations and development, AMG's
business strategy and the trends AMG anticipates in the industries and the
political and legal environment in which it operates and other information that
is not historical information. When used in this press release, the words
"expects," "believes," "anticipates," "plans," "may," "will," "should," and
similar expressions, and the negatives thereof, are intended to identify forward
looking statements. By their very nature, forward looking statements involve
inherent risks and uncertainties, both general and specific, and risks exist
that the predictions, forecasts, projections and other forward looking
statements will not be achieved. These forward looking statements speak only as
of the date of this press release. AMG expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward looking
statement contained herein to reflect any change in AMG's expectations with
regard thereto or any change in events, conditions, or circumstances on which
any forward looking statement is based.
AMG affiliate Timminco announces update on credit facility
[HUG#1388876]
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Datum: 26.02.2010 - 01:01 Uhr
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