Forterra Announces Strategic Exchange of Assets Within Existing Sale-Leaseback Arrangement
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.
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.
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
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
One Liberty Plaza - 165 Broadway
NY 10006 New York
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
Test Release - 25-05-2019 - 21108925.5.2019 15:39:00 CEST | Pressemelding
Test Sub Headline - 2067088 Chicago, May 25, 2019 (GLOBE NEWSWIRE) -- American HealthCare Lending, the leading non-recourse patient financing platform serving health systems, physician groups, surgical centers, and other healthcare providers throughout the country, today announced that it will showcase its patient financing platform at the Healthcare Financial Management Association's ANI 2014 Conference in Las Vegas June 22-25. Hosted by the nation's leading membership organization for healthcare financial management executives and leaders, HFMA's 2014 National Institute is a place for top executives and key decision makers to explore solutions to the most pressing issues facing the industry. American HealthCare Lending's patient financing solution addresses one of these key issues, the dramatic rise in out-of-pocket patient responsibility, by delivering financing options designed to fulfill the company's mission to Make Healthcare Affordable™. Attachment sample
Biome Grow Inc. to Announce First Quarter Fiscal 2019 Financial Results.24.5.2019 19:08:00 CEST | Pressemelding
TORONTO, May 24, 2019 (GLOBE NEWSWIRE) -- Biome Grow Inc. (“Biome” or the “Company”) (CSE:BIO, OTCQB: BIOIF, 6OTA:GR) will release its financial results for the first quarter ended March 31, 2019 before market open on May 29, 2019. Following the release of its first quarter 2019 financial results, Biome will host a conference call and audio webcast with Khurram Malik, CEO at 8:30am Eastern Time May 29, 2019. Webcast information A live audio webcast will be available at https://event.on24.com/wcc/r/2015980/CEAD1B37BDD7710D021A38D2B79B5C45 Calling Information Toll Free Dial-In Number: 1 (866) 211 3199 International Dial-In Number (647) 689 6601 Conference ID 8693906 About Biome Biome wholly owns five subsidiaries, including: The Back Home Medical Cannabis Corporation, a company incorporated under the laws of the Province of Newfoundland and Labrador and in the late stages of applying for a license under the Cannabis Act; Great Lakes Cannabis, a company incorporated under the laws of the
Jason Lamb of Gates Foundation Named New Chair of CGAP’s Executive Committee24.5.2019 17:04:00 CEST | Pressemelding
CGAP CEO calls for renewed focus on retail credit to support growth and jobs for the poor Beirut, Lebanon, May 24, 2019 (GLOBE NEWSWIRE) -- Jason Lamb from the Bill & Melinda Gates Foundation, was elected chair of the Executive Committee for The Consultative Group to Assist the Poor (CGAP) at its annual meeting on Wednesday. Lamb will succeed Carolina Trivelli, senior researcher at the Instituto de Estudios Peruanos and Peru’s former Minister of Development and Social Inclusion. Under Trivelli’s leadership CGAP adopted its new five-year strategy and theory of change that places empowering the poor through financial services to capture opportunities and build resilience at the heart of CGAP’s work. At the Gates Foundation, Lamb is Deputy Director, Financial Services for the Poor (FSP) and manages focus country implementation in Bangladesh, Pakistan, Indonesia, Nigeria, Tanzania, Kenya and Uganda. He has served on CGAP’s Executive Committee, which functions like a board of directors prov
Gainsight Unveils the Customer Cloud, the Future of Customer Success Technology23.5.2019 19:30:00 CEST | Pressemelding
New Products Announced at Pulse 2019 to Drive Customer Success Across the Enterprise SAN FRANCISCO, May 23, 2019 (GLOBE NEWSWIRE) -- Today, Gainsight® launched the Customer Cloud —a first-of-its-kind solution for subscription businesses looking to adopt a customer-centric philosophy that enables them to retain customers while also driving company growth post-sale. According to the 2018 Subscription Economy Index report, subscription companies are growing five times faster than S&P and retail sales. The Gainsight Customer Cloud caters to these businesses by combining the company’s Customer Success and Product Experience products with three new product innovations to offer a powerful set of solutions for businesses to optimize their subscription strategies through technology. “With the maturity of cloud technology and the subscription economy, customer expectations have drastically changed. Companies are struggling to leverage existing tools to satisfy the increasing demands of their cus
Lowered Return Expectations Among Several Trends Pointing to a Shift in Private Markets Due Diligence says New eVestment Survey23.5.2019 15:30:00 CEST | Pressemelding
ATLANTA, May 23, 2019 (GLOBE NEWSWIRE) -- Private markets funds have continued to rake in new commitments from institutional investors eager to diversify their portfolios and capture the returns private markets investments can offer. However, investors are now tempering their private markets return expectations. Coupled with other industry trends, this will have implications for private markets fundraising and due diligence according to a new eVestment report, produced in association with parent company Nasdaq. The 2019 eVestment Private Markets Due Diligence Survey of institutional investors, consultants and private markets fund managers finds that 52% of investors expect returns in the space to decline in the future (page 16). Only 12% of investors expected private equity returns to increase, with the balance – 36% – expecting returns to stay about the same. Forty-seven percent of investors surveyed expect to see lower returns in venture capital vs. just 16% of investors who expect r
Collibra Announces 2019 Excellence Awards Winners23.5.2019 15:00:00 CEST | Pressemelding
American Express, Deloitte, and Lloyds Banking Group recognized as leaders in harnessing data to drive digital transformation NEW YORK, May 23, 2019 (GLOBE NEWSWIRE) -- Collibra, the leader in enterprise data governance and catalog software, today announced the winners of the 2019 Collibra Excellence Awards. Presented at the annual Data Citizens conference in New York, the awards honor teams and individuals driving innovative data strategy by collaborating with Collibra. “In today’s market, organizations that are able to maximize data have the power to transform entire industries,” said Felix Van de Maele, co-founder and CEO of Collibra. “We’re proud to honor the recipients of the Collibra Excellence Awards, a cutting-edge group at the forefront of data-driven innovation.” The 2019 Collibra Excellence Award Winners: American Express — Distinguished Data Program of the Year American Express was recognized for its data governance transformation, which began as a compliance initiative and