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June 4, 2014
10:05 EDTMEAMetalico to reduce debt with non-core asset divestitures
Metalico announced plans to divest certain non-core assets and to use the proceeds to pay down institutional debt. The company's Board of Directors formalized the asset sale strategy at its first session following Metalico's 2014 Annual Stockholders Meeting. Metalico's ability to draw funds under its financing agreement to redeem the remaining principal balance of the Notes in the event of a June 30 put is contingent on the consent of its senior secured lenders. The company has engaged the Note holders to negotiate an agreement that will satisfy their optional redemption right should the lenders fail to consent. Terms of an agreement may include an extension of the put date together with application of divestiture proceeds. The company is also considering issuing new equity, aligning with strategic industry partners, and entertaining strategic equity investments as sources of capital."We've identified assets that are less synergistic with our strategy of growing our core scrap yard and shredder network and we've begun the process," said Carlos E. AgŁero, Metalico's President and CEO.
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