Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Instagram Outage Disrupts Thousands of U.S. Users 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Anthropic Eyes $350 Billion Valuation as AI Funding and Share Sale Accelerate 
CHESTERLAND, Ohio, Nov. 29, 2016 -- Fairmount Santrol (NYSE:FMSA), a leading provider of high-performance sand and sand-based products, today announced that it has repurchased $213.0 million of term loans outstanding under its existing credit agreement at a discount through a Dutch auction. The Company repurchased $37.9 million of Extended Term B-1 Loans and $175.1 million of Term B-2 Loans both due September 2019. The term loans were repurchased at an average of 96.3% of par and the total cash paid to repurchase this debt was $205.1 million, plus accrued interest. The related net gain on this debt repurchase will be recognized in the three months ended December 31, 2016.
Following the transaction, the Company has approximately $118 million of Extended Term B-1 Loans and $723 million of Term B-2 Loans outstanding with both due September 2019.
“We are pleased with our ability to successfully execute another essential step in our phased approach to reducing our leverage and improving our capital structure,” commented Michael F. Biehl, Executive Vice President and Chief Financial Officer. “Our improved liquidity position enabled us to take advantage of market conditions and repurchase the debt below par, and the reduced principal amounts will save $9.6 million in interest payments annually.”
About Fairmount Santrol
Fairmount Santrol is a leading provider of high-performance sand and sand-based products used by oil and gas exploration and production companies to enhance the productivity of their wells. The Company also provides high-quality products, strong technical leadership and applications knowledge to end users in the foundry, building products, water filtration, glass, and sports and recreation markets. Its extensive logistics capabilities include a wide-ranging network of distribution terminals and railcars that allow the Company to effectively serve customers wherever they operate. As one of the nation’s longest continuously operating mining organizations, Fairmount Santrol has developed a strong commitment to all three pillars of sustainable development, People, Planet and Prosperity. Correspondingly, the Company’s motto and action orientation is: “Do Good. Do Well.”
Investor contact: Sharon Van Zeeland 440-279-0204 [email protected] Media contact: Kristin Lewis 440-279-0245 [email protected]
