AMG Advanced Metallurgical Group N.V. Announces Repayment of High Yield Debt
Amsterdam, August 15, 2007 – AMG Advanced Metallurgical Group N.V. (EURONEXT AMSTERDAM: AMG) announced today that it has repaid in full its outstanding high yield debt in the total amount of $198.9 million including principal, accrued interest and prepayment premium. The blended interest rate for this debt was 12.5%.
In 2006 interest expense on this debt was $20.9 million and for the first six months of 2007 was $10.6 million. The Company anticipates closing shortly on new bank financing being arranged by Credit Suisse.
AMG, incorporated in the Netherlands, is a leading global specialty materials company offering highly engineered metallurgical products and advanced vacuum furnace systems to a broad range of end markets. AMG utilises its proprietary know-how to supply sophisticated metals and materials through its production and sales activities in 12 countries on five continents. In addition, AMG designs, engineers and produces advanced vacuum furnace systems for growing industries globally. AMG’s metallurgical expertise has enabled it to capture leading market positions for many of its products and systems. Most of AMG’s products and systems are critical to the production of key components for the aerospace, energy (including solar and nuclear), electronics, optics, chemicals, construction and transportation industries. AMG is organised into two business units: Advanced Materials and Engineering Systems.
The Advanced Materials unit develops and produces niche specialty metals and complex metals products, many of which are used in demanding, safety-critical, high-stress environments. AMG is one of a limited number of significant producers globally of niche specialty metals, such as ferrovanadium, ferronickel-molybdenum, ferrotitanium, aluminium master alloys and additives, silicon metal (including solar grade), chromium metal and magnesium alloys, used by steel, aluminium, silicones and superalloy producers for aerospace, energy, electronics, optics, chemicals, construction and transportation applications.
The Engineering Systems unit designs, engineers and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities. AMG sells vacuum furnace systems to customers in the aerospace, energy (including solar and nuclear), transportation, electronics, superalloys and specialty steel industries.
AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, Canada, Mexico, Brazil and Australia and also has sales and customer service offices in Belgium, Russia, China and Japan (website: www.amg-nv.com).
For further information please contact:
AMG Advanced Metallurgical Group N.V. +1 610 975 4909
Deputy Chairman of the Management BoardDownload PDF