Primary Energy Recycling Corporation announces third quarter 2009 results and that it is nearing completion of financial restru

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Primary Energy Recycling Corporation announces third quarter 2009 results and that it is nearing completion of financial restru

//business-finance.news-articles.net/content/200 .. t-is-nearing-completion-of-financial-restru.html

Published in Business and Finance on Wednesday, October 28th 2009 at 15:44 GMT by Market Wire
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 Summary - Third quarter results strongly rebound from second quarter - Company has secured commitments to borrow up to $105 million senior debt - Loan receives preliminary ratings of BB+ from S&P and Ba1 from Moodys - $50 million fully backstopped Rights Offering initiated - Closing of new debt financing and Rights Offering expected mid November 2009 - Net proceeds of the new debt financing and Rights Offering will be utilized to repay the Company's current senior term loan - For the three months ended September 30, 2009 revenue was $14.4 million and operating income was $1.3 million. For the nine months ended September 30, 2009 revenue was $42.1 million and operating income was $0.4 million.