Olin Corp. - OLN STOCK NEWS

Olin Corporation (NYSE: OLN) announced its plan to redeem all $185 million of its 10% senior notes due October 15, 2025, with an expected cash redemption on May 14, 2021, at a price of 105% of the principal amount. This redemption, funded by $195 million of operational cash, aims to reduce annual interest expenses by approximately $19 million. The notes were originally issued in conjunction with the 2015 Dow Chlorine Products acquisition. This strategic move reflects Olin's commitment to lowering debt levels and optimizing financial operations.

On March 25, 2021, Olin Corporation (NYSE: OLN) announced a conference call scheduled for April 28, 2021, at 10:00 a.m. ET to discuss its first quarter financial results. A press release containing detailed financial statements will be issued after market close on April 27, 2021. Interested parties can join the call via phone or through a live webcast on Olin's official website.

The company is recognized for its production of a wide range of chemical products and ammunition, contributing to its status as a leading global manufacturer.

Olin Corporation's Winchester Ammunition Division has launched the Winchester Ladies Cup, a new sporting clays competition specifically for female shooters on the National Sporting Clays Association Championship Tour. This initiative addresses the disparity in prize payouts between male and female competitors. The competition will include seven regional events, awarding additional cash prizes to the top three female shooters based on cumulative scores. Winchester aims to enhance female participation in shooting sports, promoting a more equitable structure in prize distribution.

Olin Corporation (NYSE: OLN) announced plans to permanently shut down about 200,000 tons of diaphragm-grade chlor alkali capacity at its McIntosh, Alabama facility by March 31, 2021. This closure aims to improve cash flow and aligns with Olin's strategy to optimize its asset base. The company anticipates incurring approximately $5 million in restructuring charges in Q1 2021 due to this action. CEO Scott Sutton emphasized the focus on enhancing shareholder value by removing non-accretive assets from the balance sheet.

Olin Corporation (NYSE: OLN) has updated its first-quarter 2021 outlook, now expecting adjusted EBITDA to be between $475 million and $500 million, up from previous estimates of $400 million to $425 million. This increase follows disruptions caused by Winter Storm Uri, which impacted several facilities, leading to a Force Majeure declaration on chemical shipments. Despite ongoing supply constraints, Olin's CEO expressed optimism about improving financial performance.

Olin Corporation (NYSE: OLN) has executed a Third Amendment to its Credit Agreement, increasing its term loan facility by $315 million and lowering borrowing costs. The company plans to redeem $315 million of senior notes due October 15, 2025 at a premium of $15.8 million using the incremental loan and cash reserves. The CEO noted these actions could reduce annual interest expenses by approximately $30 million. Olin anticipates improving its net debt to EBITDA ratio to around 3 times within the next year.

Olin Corporation (NYSE: OLN) declared a quarterly dividend of $0.20 per share, marking its 377th consecutive quarterly dividend. The dividend will be payable on March 10, 2021, to shareholders recorded by March 2, 2021. Olin is a leading manufacturer and distributor of chemical products, including chlorine and caustic soda, as well as a prominent U.S. ammunition producer.

Olin Corporation reported a fourth quarter 2020 net loss of $33 million but an adjusted EBITDA of $246.2 million, up from $173.2 million in the prior year. Sales increased to $1.6541 billion from $1.3871 billion in Q4 2019. The ECU Profit Contribution Index improved by 6%, supported by strong chlorine pricing. Winchester achieved record segment earnings of $44.8 million, driven by commercial and military sales. The cash balance was $189.7 million, and net debt stood at $3.6741 billion. Olin expects improved first quarter 2021 results.

Olin Corporation (NYSE: OLN) has announced a change in the starting time for its senior management team’s review of the fourth quarter 2020 financial results. The call is now scheduled for January 29, 2021, at 9:00 a.m. Eastern time. The company will distribute a press release with financial statements and segment information after market close on January 28, 2021. Interested participants can join the conference call via telephone or through a live webcast on the company’s website, which will also offer a replay post-event.