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Thursday, September 14, 2017 6:58:24 PM
NEW YORK--(BUSINESS WIRE)--Real Industry, Inc. (NASDAQ: RELY) (“Real Industry” or the “Company”) today announced that its wholly owned subsidiary, Real Alloy, is restarting its UBC recycling operation at its Morgantown, Kentucky facility as a result of increasing customer demand and a new contract. The UBC recycling operation has been idle since December 2015. On an annualized basis, Real Alloy expects to process approximately 50,000 tonnes at this facility, which represents more than 6% of Real Alloy North America’s total annual volume.
Mr. Terry Hogan, President of Real Alloy, stated, “We are excited about restarting the UBC recycling operation at Morgantown. The restart will bring approximately 30 people back to work at the facility and will result in higher equipment utilization with the higher production levels. We are currently ramping up the equipment and expect to be delivering the targeted volumes by the beginning of October 2017.”
Company Provides Update on Corporate Refinancing
The Company is also pleased to announce that it has retained Jefferies LLC, a global investment banking firm, to assist in refinancing Real Alloy’s $305.0 million of senior secured 10.0% notes (“Senior Secured Notes”) coming due in January 2019.
Mr. Kyle Ross, President and Chief Executive Officer of Real Industry, stated, “Over the past few weeks, our senior management team has engaged in preliminary discussions with current and prospective investors regarding a potential refinancing of our Senior Secured Notes. The leveraged finance market is in a strong position, and the Company has engaged a team at Jefferies, with whom we have a long-standing relationship, to lead this process.”
About Real Industry, Inc.
Real Industry is a holding company that seeks to create a sustainably profitable enterprise by allocating capital to improve the value of its existing businesses and to execute accretive acquisitions with a disciplined approach to value and structure. Our business strategy also seeks to take advantage of Real Industry’s U.S. federal net operating loss tax carryforwards of $916 million. For more information about Real Industry, visit its corporate website at www.realindustryinc.com.
http://www.businesswire.com/news/home/20170914005297/en/Real-Industry-Announces-Restart-Real-Alloy%E2%80%99s-Morgantown
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