GlobeNewswire

Forterra Announces Strategic Exchange of Assets Within Existing Sale-Leaseback Arrangement

Del

IRVING, Texas, June 11, 2018 (GLOBE NEWSWIRE) -- Forterra, Inc. ("Forterra" or the "Company") (NASDAQ:FRTA) ), a leading manufacturer of water and drainage infrastructure pipe and products in the United States and Eastern Canada, today announced that it has amended and restated its existing sale-leaseback arrangement (the "SLB"). The transaction removed a total of 24 U.S. drainage facilities and U.S. and Canadian concrete pressure pipe facilities from the SLB, in exchange for Forterra's contribution of two ductile iron pipe facilities in Bessemer, Alabama to the SLB.  The transaction is expected to provide Forterra with increased flexibility to evaluate portfolio enhancement initiatives for the 24 facilities removed from the agreement. 

In connection with the transaction, certain modifications to the SLB, including an increase in the lease term, will change the accounting treatment of the SLB.  The SLB will now be accounted for as a finance lease, rather than an operating lease, which Forterra expects will increase EBITDA and Adjusted EBITDA and increase financing obligations on the balance sheet.  The increase in the financing obligation on the balance sheet is expected to result in a slight initial increase in Forterra's financial leverage after adjusting for the associated increase in EBITDA and Adjusted EBITDA.  Prior to this transaction, Forterra expected to incur approximately $19 million in SLB operating expenses in 2018. 

The Company expects to make a cash tax payment of approximately $17 million in 2018 as a result of a tax basis gain on the transaction. The exchange will also increase Forterra's annual SLB cash payments by approximately $200,000. The Company expects to more than offset the 2018 cash impact by executing on portfolio enhancement initiatives related to the re-acquired properties over the remainder of 2018 and beyond.

About Forterra
Forterra is a leading manufacturer of water and drainage pipe and products in the U.S. and Eastern Canada for a variety of water-related infrastructure applications, including water transmission, distribution, drainage and stormwater management. Based in Irving, Texas, Forterra's product breadth and significant scale help make it a one-stop shop for water related pipe and products and a preferred supplier to a wide variety of customers, including contractors, distributors and municipalities. For more information on Forterra, visit http://forterrabp.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on management's reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law. Investors are referred to the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.

Company Contact Information:
David J. Lawrence
Vice President of Treasury and Investor Relations
469-299-9113
IR@forterrabp.com




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Forterra, Inc. via Globenewswire

Om GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Følg saker fra GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra GlobeNewswire

CTG Promotes Three Long-time Business Leaders in Europe15.2.2019 15:00:00Pressemelding

Bob Daelman, Guido Helsloot and Rénald Wauthier named Vice Presidents BUFFALO, N.Y., Feb. 15, 2019 (GLOBE NEWSWIRE) -- CTG (NASDAQ: CTG), a leading provider of information technology (IT) solutions and services in North America and Western Europe, announced today that three of the Company’s high-performing managers in its European business, Bob Daelman, Guido Helsloot and Rénald Wauthier, have each been named vice president. “Bob Daelman and Rénald Wauthier have proven track records of significantly expanding their respective businesses in Europe. Guido Helsloot has been key enabler in effecting two acquisitions in the past six years that expanded our operations and was again instrumental in driving our recent Tech-IT acquisition that will give CTG broader end-to-end capabilities to better-serve our clients. Together, this team has greatly contributed to our success in Europe, where CTG has recorded eight consecutive years of revenue growth,” commented Filip Gydé, current Executive Vic

Jazwares Announces Partnership with Kellytoy for Russ Berrie™ Worldwide15.2.2019 01:00:00Pressemelding

Sunrise, FL, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Jazwares LLC, a global leader in toys and licensing, announced today that its affiliate Zag Toys, LLC (“Zag Toys”) formed a strategic partnership for their wholly owned brand Russ Berrie™, with Kellytoy, an influential manufacturer and distributor of plush toys and pet products. This relationship will carry on the 50+ year legacy of the Russ Berrie™ brand, positioning it globally as the premier plush brand on retail shelves in Fall 2019. Kellytoy will market the Russ Berrie™ brand through its global distribution channels, which include almost every market segment. “Working together with Kellytoy will maximize the Russ Berrie™ legacy,” says Judd Zebersky, Jazwares CEO and President. “By leveraging Russ Berrie™ and its reputation for quality and commitment to “Make Someone Happy™” with Kellytoy’s global footprint we’ll secure placement in retailers all around the world, putting Russ Berrie™ at the forefront of today’s plush presence at retai

PROFEPA report confirms no contamination of soil from overflow of contingency pond at the San Jose Mine, Mexico in October 201814.2.2019 19:46:00Pressemelding

VANCOUVER, British Columbia, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to report that the Federal Attorney's Office for Environmental Protection (PROFEPA) has completed its investigation into the overflow of the contingency pond at the dry stack tailings facility at the San Jose Mine on October 8, 2018, which was caused by heavy seasonal rains (refer to Fortuna news release dated October 11, 2018). PROFEPA’s final report confirms that the overflow did not contaminate soil, and therefore no remediation is required. The Company awaits a final report from the Mexican National Water Commission (CONAGUA). The Company reiterates its commitment to safeguarding the wellbeing of the environment, local communities and our work force. About Fortuna Silver Mines Inc. Fortuna is a growth oriented, precious metals producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma silver Mine in southern Peru, the San Jos

Cloudian HyperStore Named 2018 Product of the Year in Software-defined and Cloud Storage by Storage Magazine14.2.2019 19:10:00Pressemelding

Also Wins Best Hybrid Cloud Solution in 2018-2019 Cloud Awards, Further Reinforcing Company’s Object Storage Leadership SAN MATEO, Calif., Feb. 14, 2019 (GLOBE NEWSWIRE) -- Cloudian today announced two top industry awards for its HyperStore object storage platform. The awards are the latest honors for the company’s limitlessly scalable, highly cost-effective solution, which provides the industry’s best S3 compatibility and seamless data management across on-premises and public cloud environments. 2018 Software-defined and Cloud Storage Product of the Year TechTarget’s Storage magazine and SearchStorage.com named HyperStore 7 as the Gold winner in the Software-defined and Cloud Storage category of the 2018 Products of the Year Awards. The judging panel of analysts, consultants, users and TechTarget writers were “particularly impressed with [HyperStore’s] functionality.” In addition, the solution received high marks for innovation, value and ease of integration, use and manageability, en

Hot Silicon Valley Tech Firm Grows in Krakow14.2.2019 16:28:00Pressemelding

SignalFx Opens Research and Development and Support Office; Hires Industry Veteran Martin Burlinski, Head of Engineering, EMEA SAN MATEO, Calif., Feb. 14, 2019 (GLOBE NEWSWIRE) -- SignalFx, the leader in real-time cloud monitoring for infrastructure, microservices, and applications, is announcing the opening of a new Research, Development and Support Office in Krakow, Poland and the addition of Martin Burlinski, Head of Engineering, EMEA. The new Krakow facility will enable SignalFx to accelerate product development and provide broader global support for its customers. “We were naturally attracted to Krakow not only because of its strong existing talent pool of world-class engineers but also its proximity to recent graduates from the city’s many universities,” said Leonid Igolnik, EVP Engineering for SignalFx. “We have an immediate need for engineers to become a core part of our company working side-by-side with our Silicon Valley and Research Triangle Park teams. With a global client

HL7 and SNOMED International Announce Agreement for Free Set of Terms for Use with International Patient Summary14.2.2019 15:00:00Pressemelding

Orlando, Fl., Feb. 14, 2019 (GLOBE NEWSWIRE) -- SNOMED International and Health Level Seven International (HL7) announce today the formalization of a license agreement in which a relevant ‘Free for Use’ Set of SNOMED CT coded concepts will be used within the HL7 International Patient Summary (IPS). Health Level Seven International (HL7) is a not-for-profit, ANSI-accredited standards developing organization dedicated to providing a comprehensive framework and related standards for the exchange, integration, sharing and retrieval of electronic health information that supports clinical practice and the management, delivery and evaluation of health services. SNOMED International is a not-for-profit, member-owned and driven international organization charged with maintaining and releasing the SNOMED CT clinical terminology product; the world’s most comprehensive clinical terminology. Presently comprised of 38 Member countries globally, SNOMED International supports the role that structured