FORT LEE, N.J., Dec. 18, 2014 /PRNewswire/ -- Empire
Resources, Inc. (NASDAQ: ERS), a distributor of value-added,
semi-finished metal products, announced today that it has expanded
its current working capital credit agreement by $50 million to $275 million and amends the
agreements that the Company entered into in June 2014 with a consortium of banks, led by
Rabobank International as Lead Arranger and Administrative Agent
and BNP Paribas as Syndication Agent.
The amended credit agreement includes a committed credit
facility, which has been increased by $35
million to $185 million, and
an uncommitted facility, which has been increased by $15 million to $90
million. There are no changes to the interest rate or
to the maturity date of the committed facility, which remains
June 19, 2017.
Sandra Kahn, Vice President and
CFO, commented, "We are pleased to have secured this expanded
working capital credit line from our world class bank group, which
supports the current increasing business levels and provides us
with additional liquidity for potential volume opportunities."
About Empire Resources, Inc.
Empire Resources, Inc. is
a distributor of a wide range of semi-finished metal products to
customers in the transportation, automotive, housing, appliance and
packaging industries in the U.S., Canada, Latin
America, Australia,
New Zealand and Europe. The Company maintains supply contracts
with mills in various parts of the world.
Forward-Looking Statements:
This press release
contains "forward-looking statements." Such statements may be
preceded by the words "intends," "may," "will," "plans," "expects,"
"anticipates," "projects," "predicts," "estimates," "aims,"
"believes," "hopes," "potential" or similar words. Forward-looking
statements are not guarantees of future performance, are based on
certain assumptions and are subject to various known and unknown
risks and uncertainties, many of which are beyond the Company's
control, and cannot be predicted or quantified and consequently,
actual results may differ materially from those expressed or
implied by such forward-looking statements. Such risks and
uncertainties include, without limitation, risks and uncertainties
associated with (i) the loss or default of one or more suppliers;
(ii) the loss or default of one or more significant customers;
(iii) a default by counterparties to derivative financial
instruments; (iv) changes in general, national or regional economic
conditions; (v) an act of war or terrorism that disrupts
international shipping; (vi) changes in laws, regulations and
tariffs; (vii) the imposition of anti-dumping duties on products
the Company imports; (viii) changes in the size and nature of the
Company's competition; (ix) changes in interest rates, foreign
currencies or spot prices of aluminum; (x) the loss of one or more
key executives; (xi) increased credit risk from customers; (xii)
the Company's failure to grow internally or by acquisition and
(xiii) the Company's failure to improve operating margins and
efficiencies. More detailed information about the Company and the
risk factors that may affect the realization of forward-looking
statements is set forth in the Company's filings with the
Securities and Exchange Commission (SEC), including the Company's
Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
Investors and security holders are urged to read these documents
free of charge on the SEC's web site at http://www.sec.gov. The
Company assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future
events or otherwise.
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SOURCE Empire Resources, Inc.