Hi-Crush Inc (fka HCRSQ)

[56Chevy]

Hi-Crush Partners LP Announces Successful Refinancing Transactions and Unit Repurchase Program Update

Date : 12/26/2017 @ 6:00AM
Source : GlobeNewswire Inc.
Stock : Hi-Crush Partners LP Common Units Representing Limited Partner Interests (HCLP)
Quote : $10.20 0.2 (2.00%) @ 2:48PM

Hi-Crush Partners LP (NYSE:HCLP), or Hi-Crush, today announced that it entered into a new $200 million Senior Secured Term Loan Credit Agreement ("Term Loan"), and a new five year Revolving Credit Agreement, as well as completed $20 million of unit repurchases and received necessary approvals to execute the remaining $80 million of authorized unit repurchases.

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Separately, Hi-Crush announced that it has repurchased 2,030,163 common units in the fourth quarter of 2017, representing approximately $20 million of unit repurchases since announcing its unit buyback program of up to $100 million in October 2017. This represents the maximum amount of unit repurchases allowed for under the Company’s previous Term Loan Credit Facility and revolving credit facility. The Partnership’s new Term Loan and Revolving Credit Agreement permit unlimited repurchases of common units, therefore allowing for execution up to the remaining $80 million authorized. The repurchase program does not obligate the Partnership to repurchase any specific dollar amount or number of units, and may be suspended, modified or discontinued by the Board of Directors at any time, in its sole discretion and without notice.

"We remain fully committed to the unit buyback program, as evidenced by our decisive execution thus far, and expect to create further value for our unitholders through additional unit repurchases,” said Robert E. Rasmus, Chief Executive Officer of Hi-Crush.

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Source:
https://ih.advfn.com/p.php?pid=nmona&article=76361415