Business
Wajax Announces Senior Note Offering and Provides Preliminary 2013 Third Quarter Results
TSX Symbol:  WJX TORONTO , Oct. 9, 2013 /CNW/ - Wajax Corporation (" Wajax " or...
About this update from Wajax Corporation
[{"type":"text","content":"\n\n\nTSX Symbol:  WJX\n\n\nTORONTO, Oct. 9, 2013 /CNW/ - Wajax Corporation (\"Wajax\" or the \"Corporation\") today announced that it has launched a private placement offering\n (the \"Offering\") of $125 million (all $ are Canadian) aggregate principal amount of\n its senior unsecured notes due 2020 (the \"Notes\").  The Corporation intends to use the net proceeds of the Notes to\n repay borrowings under its senior secured credit facilities, which in\n turn may be redrawn for general corporate purposes.\n\n\nIn addition, effective upon the closing of the Offering, the Corporation\n will amend its senior secured credit facilities in order to, among\n other things, permit the Offering of Notes and reduce the total\n available committed amount of the facilities from $300 million to $250\n million.  These amendments are conditional upon the closing of the\n Offering.\n\n\nThe Corporation today also announced that, based on information\n currently available to management, it currently expects third quarter\n 2013 revenue to be between $335 million and $345 million, compared to\n $356.4 million for the same quarter last year, and third quarter 2013\n EBITDA (see \"Non-GAAP Measure\" section below) to be between $22 million\n and $24 million, compared to $27.6 million in the third quarter of\n 2012.  While these estimates would result in third quarter 2013 revenue\n and net earnings being less than last year, management currently\n expects its full year 2013 outlook for net earnings to be consistent\n with its expectation announced at the end of the second quarter of this\n year.  Net earnings and a reconciliation of anticipated EBITDA to net\n earnings for the third quarter of 2013 cannot be provided at this time\n because the relevant line items in our income statement have not been\n finalized with sufficient certainty.  The Corporation currently expects\n to announce its third quarter 2013 results on November 5, 2013.\n\n\nAs discussed in the Corporation's second quarter 2013 earnings release,\n the Corporation continues to have a cautious outlook regarding its end\n markets for the rest of 2013 and continues to expect that full year\n 2013 net earnings will be less than 2012.\n\n\nCommenting on this announcement, Mark Foote, President and CEO stated,\n \"Successful completion of this Offering will i...