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Share Name | Share Symbol | Market | Type |
---|---|---|---|
A. Schulman, Inc. (delisted) | NASDAQ:SHLM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 44.00 | 0.05 | 47.25 | 0 | 01:00:00 |
Pursuant to the amendment, the adjustment to the total net leverage covenant applicable to certain of the Company’s lenders is as follows:
Fiscal Quarter Ended | Existing Requirement | New Requirement |
November 30, 2017 & February 28, 2018 | 4.25x | 5.00x |
May 31, 2018 & August 31, 2018 | 4.25x | 4.75x |
November 30, 2018; February 28, 2019; May 31, 2019 & August 31, 2019 | 4.00x | 4.50x |
On and after November 30, 2019 | 4.00x | 4.00x |
No other changes were requested. Complete information regarding the terms of the amendment can be found on the Company’s Form 8-K filed with the Securities and Exchange Commission today.
“We are pleased to have the continued support of our lenders and appreciate the confidence they maintain in the Company’s future,” said Joseph M. Gingo, chairman, president and chief executive officer. “This timely covenant action provides us with the flexibility we need to continue to invest in our operations, while steadily reducing our debt levels. Since I returned as the Company’s chief executive officer in August 2016, we have systematically reset the business in order to deliver the progressive, long-term shareholder value creation our investors have come to expect from A. Schulman. As a result of those efforts, combined with our additional financial flexibility, I am convinced we are on a recovery path to deliver improving operational and financial performance worldwide.”
About A. Schulman, Inc. A. Schulman, Inc. is a leading international supplier of high-performance plastic compounds and resins headquartered in Akron, Ohio. Since 1928, the Company has been providing innovative solutions to meet its customers’ demanding requirements. The Company’s customers span a wide range of markets such as packaging, mobility, building & construction, electronics & electrical, agriculture, personal care & hygiene, sports, leisure & home, custom services and others. The Company employs approximately 4,900 people and has 54 manufacturing facilities globally. A. Schulman reported net sales of approximately $2.5 billion for the fiscal year ended August 31, 2016. Additional information about A. Schulman can be found at www.aschulman.com.
Cautionary StatementsA number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments and may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historic or current facts and relate to future events and expectations. Forward-looking statements contain such words as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Forward-looking statements are based on management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which management is unable to predict or control, that may cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements, and that could adversely affect the Company’s future financial performance, include, but are not limited to, the following:
The risks and uncertainties identified above are not the only risks the Company faces. Additional risk factors that could affect the Company’s performance are set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2016. In addition, risks and uncertainties not presently known to the Company or that it believes to be immaterial also may adversely affect the Company. Should any known or unknown risks or uncertainties develop into actual events, or underlying assumptions prove inaccurate, these developments could have material adverse effects on the Company’s business, financial condition and results of operations.
SHLM_ALL
ContactJennifer K. BeemanVice President, Corporate Communications & Investor RelationsA. Schulman, Inc.3637 Ridgewood RoadFairlawn, Ohio 44333Tel: 330-668-7346Email: Jennifer.Beeman@aschulman.com www.aschulman.com
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