Enviri Corporation renews Accounts Receivable Securitization Facility
Enviri (NYSE: NVRI) has announced the renewal of its $150 million accounts receivable securitization facility with PNC Bank, N.A. The facility, which was originally set to mature in June 2025, has been extended for three years and will now mature in October 2027.
Tom Vadaketh, senior vice president and chief financial officer, stated that this renewal aligns with Enviri's strategic priorities and efforts to increase cash flow and reduce leverage to 2.5x in the coming years. The company views this facility as an important and cost-effective part of its capital structure, supporting its plan to drive value creation for shareholders.
Enviri (NYSE: NVRI) ha annunciato il rinnovo della sua struttura di cartolarizzazione dei crediti commerciali da 150 milioni di dollari con PNC Bank, N.A. La struttura, che inizialmente sarebbe dovuta scadere a giugno 2025, è stata estesa per tre anni e ora scadrà a ottobre 2027.
Tom Vadaketh, vicepresidente senior e chief financial officer, ha dichiarato che questo rinnovo è in linea con le priorità strategiche di Enviri e gli sforzi per aumentare il flusso di cassa e ridurre l'indebitamento a 2,5x negli anni a venire. L'azienda considera questa struttura come una parte importante e conveniente della sua struttura patrimoniale, a supporto del suo piano per creare valore per gli azionisti.
Enviri (NYSE: NVRI) ha anunciado la renovación de su facilidad de titulización de cuentas por cobrar de 150 millones de dólares con PNC Bank, N.A. La facilidad, que originalmente debía vencer en junio de 2025, se ha extendido por tres años y ahora vencerá en octubre de 2027.
Tom Vadaketh, vicepresidente senior y director financiero, declaró que esta renovación está alineada con las prioridades estratégicas de Enviri y los esfuerzos para aumentar el flujo de caja y reducir el apalancamiento a 2.5x en los próximos años. La compañía considera esta facilidad como una parte importante y rentable de su estructura de capital, apoyando su plan para crear valor para los accionistas.
Enviri (NYSE: NVRI)는 PNC Bank, N.A.와의 1억 5천만 달러 규모의 매출채권 유동화 시설 갱신을 발표했습니다. 이 시설은 원래 2025년 6월 만료될 예정이었으나 3년 연장되어 이제 2027년 10월에 만료됩니다.
Tom Vadaketh, 수석 부사장 겸 최고 재무 책임자는 이 갱신이 Enviri의 전략적 우선 사항 및 현금 흐름을 증가시키고 앞으로 몇 년 안에 레버리지를 2.5배로 줄이기 위한 노력과 일치한다고 밝혔습니다. 이 회사는 이 시설이 자본 구조의 중요한 부분이자 비용 효과적인 부분이라고 보고 있으며, 주주를 위한 가치 창출 계획을 지원하고 있습니다.
Enviri (NYSE: NVRI) a annoncé le renouvellement de sa plateforme de titrisation des créances de 150 millions de dollars avec PNC Bank, N.A. La plateforme, qui devait initialement arriver à échéance en juin 2025, a été prolongée de trois ans et arrivera maintenant à échéance en octobre 2027.
Tom Vadaketh, vice-président senior et directeur financier, a déclaré que ce renouvellement est en adéquation avec les priorités stratégiques d'Enviri et les efforts visant à augmenter le flux de trésorerie et à réduire l'endettement à 2,5x dans les années à venir. L'entreprise considère cette plateforme comme une partie importante et rentable de sa structure financière, soutenant son plan de création de valeur pour les actionnaires.
Enviri (NYSE: NVRI) hat die Verlängerung seiner 150 Millionen Dollar Forderungsbesicherungsfazilität mit der PNC Bank, N.A. bekannt gegeben. Die Fazilität, die ursprünglich im Juni 2025 auslaufen sollte, wurde um drei Jahre verlängert und läuft jetzt im Oktober 2027 aus.
Tom Vadaketh, Senior Vice President und Chief Financial Officer, erklärte, dass diese Verlängerung mit den strategischen Prioritäten von Enviri in Einklang steht und dass man bestrebt ist, den Cashflow zu erhöhen und die Verschuldung auf 2,5x zu reduzieren in den kommenden Jahren. Das Unternehmen betrachtet diese Fazilität als einen wichtigen und kosteneffektiven Teil seiner Kapitalstruktur, um seinen Plan zur Wertschöpfung für die Aktionäre zu unterstützen.
- Renewal of $150 million accounts receivable securitization facility
- Extension of facility maturity from June 2025 to October 2027
- Alignment with strategic priorities to increase cash flow
- Efforts to reduce leverage to 2.5x in coming years
- None.
Insights
The renewal of Enviri 's
The facility serves as a cost-effective financing tool, allowing Enviri to convert its accounts receivable into immediate cash. This can improve working capital management and potentially reduce the need for more expensive forms of debt. The CFO's statement about reducing leverage to
For investors, this renewal signals management's proactive approach to addressing future debt maturities and aligning financial strategies with value creation. The extended maturity provides a buffer against near-term refinancing risks, which is particularly important in the current rising interest rate environment.
PHILADELPHIA, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Enviri Corporation (NYSE: NVRI) today announced that it has renewed its accounts receivable securitization facility of
“We are pleased to renew this facility with PNC,” said Tom Vadaketh, senior vice president and chief financial officer. “We continue to proactively address future debt maturities as we act on our plan to drive value creation for shareholders. This facility is an important and cost-effective part of Enviri’s capital structure, and its renewal aligns with our key strategic priorities and our efforts to increase cash flow and reduce leverage to 2.5x in the coming years.”
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any loans or securities.
About Enviri
Enviri is transforming the world to green, as a trusted global leader in providing a broad range of environmental services and related innovative solutions. The Company serves a diverse customer base by offering critical recycle and reuse solutions for their waste streams, enabling customers to address their most complex environmental challenges and to achieve their sustainability goals. Enviri is based in Philadelphia, Pennsylvania and operates in more than 150 locations in over 30 countries. Additional information can be found at www.enviri.com.
Forward-Looking Statements
The nature of the Company's business, together with the number of countries in which it operates, subject it to changing economic, competitive, regulatory and technological conditions, risks and uncertainties. In accordance with the "safe harbor" provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, the Company provides the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the results contemplated by forward-looking statements, including the expectations and assumptions expressed or implied herein. Forward-looking statements contained herein could include, among other things, statements about management's confidence in and strategies for performance; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings. Forward-looking statements can be identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," "likely," "estimate," "outlook," "plan," "contemplate," "project," "target" or other comparable terms.
Factors that could cause actual results to differ, perhaps materially, from those implied by forward-looking statements include, but are not limited to: (1) the Company's ability to successfully enter into new contracts and complete new acquisitions, divestitures, or strategic ventures in the time-frame contemplated or at all, including the Company's ability to divest the Rail business in the future; (2) the Company’s inability to comply with applicable environmental laws and regulations; (3) the Company’s inability to obtain, renew, or maintain compliance with its operating permits or license agreements; (4) various economic, business, and regulatory risks associated with the waste management industry; (5) the seasonal nature of the Company's business; (6) risks caused by customer concentration, the long-term nature of customer contracts, and the competitive nature of the industries in which the Company operates; (7) the outcome of any disputes with customers, contractors and subcontractors; (8) the financial condition of the Company's customers, including the ability of customers (especially those that may be highly leveraged or have inadequate liquidity) to maintain their credit availability; (9) higher than expected claims under the Company’s insurance policies, or losses that are uninsurable or that exceed existing insurance coverage; (10) market and competitive changes, including pricing pressures, market demand and acceptance for new products, services and technologies; changes in currency exchange rates, interest rates, commodity and fuel costs and capital costs; (11) the Company's ability to negotiate, complete, and integrate strategic transactions and joint ventures with strategic partners; (12) the Company’s ability to effectively retain key management and employees, including due to unanticipated changes to demand for the Company’s services, disruptions associated with labor disputes, and increased operating costs associated with union organizations; (13) the Company's inability or failure to protect its intellectual property rights from infringement in one or more of the many countries in which the Company operates; (14) failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure; (15) changes in the worldwide business environment in which the Company operates, including changes in general economic and industry conditions and cyclical slowdowns; (16) fluctuations in exchange rates between the U.S. dollar and other currencies in which the Company conducts business; (17) unforeseen business disruptions in one or more of the many countries in which the Company operates due to changes in economic conditions, changes in governmental laws and regulations, including environmental, occupational health and safety, tax and import tariff standards and amounts; political instability, civil disobedience, armed hostilities, public health issues or other calamities; (18) liability for and implementation of environmental remediation matters; (19) product liability and warranty claims associated with the Company’s operations; (20) the Company’s ability to comply with financial covenants and obligations to financial counterparties; (21) the Company’s outstanding indebtedness and exposure to derivative financial instruments that may be impacted by, among other factors, changes in interest rates; (22) tax liabilities and changes in tax laws; (23) changes in the performance of equity and bond markets that could affect, among other things, the valuation of the assets in the Company's pension plans and the accounting for pension assets, liabilities and expenses; (24) risk and uncertainty associated with intangible assets; and the other risk factors listed from time to time in the Company's SEC reports. A further discussion of these, along with other potential risk factors, can be found in Part I, Item 1A, “Risk Factors” of the Company’s most recently filed Annual Report on Form 10-K, as updated by subsequent Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. The Company cautions that these factors may not be exhaustive and that many of these factors are beyond the Company's ability to control or predict. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The Company undertakes no duty to update forward-looking statements except as may be required by law.
| Investor Contact | Media Contact |
| David Martin | Maura Pfeiffer |
| +1.267.946.1407 | +1.267.964.1868 |
| dmartin@enviri.com | mpfeiffer@enviri.com |
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