U.S. Silica Holdings, Inc. Announces Completion of $10 Million Loan Repurchase
KATY, Texas, Sept. 30, 2019 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA), a diversified industrial minerals company and the leading last mile logistics provider to the oil and gas industry (the "Company"), today announced that it has completed a voluntary loan repurchase offer for $10.0 million of principal of the term loan portion of its senior secured credit facility, reaffirming its commitment to reducing leverage. The debt was retired at a discount to par using excess cash on hand.
"We are pleased to complete the first step in our plan to reduce our debt,'' said Bryan Shinn, president and chief executive officer. "Based on extensive discussions with our Board and feedback from our shareholders, we feel that delevering is one of the most prudent and most effective uses of our capital in the current environment."
About U.S. Silica
U.S. Silica Holdings, Inc. is a performance materials company and is a member of the Russell 2000 Index. The Company is a leading producer of commercial silica used in a wide range of industrial applications and in the oil and gas industry. Over its 119-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 1,500 diversified products to customers across our end markets. U.S. Silica's wholly-owned subsidiaries include EP Minerals and SandBox Logistics™. EP Minerals is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. SandBox Logistics™ is a state-of-the-art leader in proppant storage, handling and well-site delivery, dedicated to making proppant logistics cleaner, safer and more efficient. The Company currently operates 27 mines and production facilities. The Company is headquartered in Katy, Texas and has offices in Frederick, Maryland, Reno, Nevada and Chicago, Illinois.