ARC Document Solutions Completes Second Bond Repurchase to Reduce Long-Term Debt
(firmenpresse) - WALNUT CREEK, CA -- (Marketwired) -- 11/07/13 -- ARC Document Solutions, Inc. (NYSE: ARC) today announced that the company has concluded the open-market repurchase of approximately $5.3 million in aggregate principal amount of its 10.5% senior unsecured notes due December 15, 2016. Similar to the transaction announced on July 10, 2013, the recent repurchase was intended to reduce ARC's long-term debt and annual interest obligations, and made no use of the Company's $50 million revolving credit facility which remains undrawn.
"As we announced on our recent earnings call, our cash position grew at a healthy pace throughout the third quarter and we felt confident that deploying excess cash to deleverage the company remained the best option for its use," said K. "Suri" Suriyakumar, Chairman, President and CEO of ARC Document Solutions. "We continue to consider additional steps to further reduce our debt and interest obligations in the future provided conditions favor the company, and our performance and the economy continue to improve."
ARC's high-yield bonds were issued on December 1, 2010, in the aggregate principal amount of $200 million and are due in December 2016. The bonds are senior unsecured obligations of the Company, and bear an interest rate of 10.5% per annum, payable semi-annually on June 15 and December 15. The bonds contain an optional call provision dated December 15, 2013.
(NYSE: ARC)
ARC Document Solutions, Inc. is a leading document solutions provider serving businesses of all types, with an emphasis on the non-residential segment of the architecture, engineering and construction industries. The Company helps customers all over the world reduce costs and increase efficiency in the use of their documents, improve document access and control, and offers a wide variety of ways to print, produce, and store documents. ARC provides its solutions onsite in more than 7,500 of its customers' offices, offsite in service centers around the world, and digitally in the form of proprietary software and web applications. For more information please visit .
This press release contains forward-looking statements that are based on current opinions, estimates and assumptions of management regarding future events and the future financial performance of the Company. Words such as "expected," "consider" "intended," and similar expressions identify forward-looking statements and all statements other than statements of historical fact, including, but not limited to, any projections regarding earnings, revenues and financial performance of the Company, could be deemed forward-looking statements. We caution you that such statements are only predictions and are subject to certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. In addition to matters affecting the construction, managed print services, document management or reprographics industries, or the economy generally, factors that could cause actual results to differ from expectations stated in forward-looking statements include, among others, the factors described in the caption entitled "Risk Factors" in Item 1A in ARC Document Solution's Annual Report on Form 10-K for the fiscal year ended September 30, 2012, Quarterly Reports on Form 10-Q, and other periodic filings and prospectuses. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
CONTACT:
David Stickney
VP of Investor Relations & Corporate Communications
+1-925-949-5114
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Datum: 07.11.2013 - 07:05 Uhr
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News-ID 1280591
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