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American Pacific Reports Fiscal 2013 First Quarter Results; Reaffirms Full Year Guidance
Date:2/7/2013

nce costs of approximately $1.4 million, each incurred in connection with our October 2012 refinancing activities. 

Debt Refinancing and Interest Rate Swap Agreement – In October 2012, we called and terminated our remaining senior notes with an aggregate principal amount of $65.0 million and replaced the notes with a credit facility that includes a $60.0 million term loan and a committed $25.0 million revolving credit line.  Funds used to call the notes of $68.3 million were provided by the net proceeds from the term loan and available cash balances.  The term loan requires quarterly principal and interest payments, which differs from the senior notes which had no principal amortization requirements.  We do not anticipate that the principal payment requirements under the new facility will have a significant impact on our liquidity because we expect that the cash requirements for principal payments will be substantially offset by lower interest expense. 

On January 24, 2013, we entered into a floating-to-fixed interest rate swap with an initial notional amount of $58.9 million (such notional amount reducing over the life of the arrangement), terminating October 26, 2017, which will effectively convert our floating-rate debt to a fixed rate. Under the terms of the swap, we will pay a fixed rate of approximately 0.775% and we will receive a floating-rate payment tied to the one-month LIBOR.

OUTLOOKWe are reaffirming our guidance for Fiscal 2013.  We expect consolidated revenues of at least $200.0 million and Adjusted EBITDA of at least $43.0 million. We are anticipating our capital expenditures, which do not include environmental remediation spending, for Fiscal 2013 to range from approximately $12.0 to $14.0 million.

Our Fiscal 2013 guidance for Adjusted EBITDA is computed by adding estimated amounts for depreciation and amortization of $14.0 million, interest expense and refinancing costs of $5
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SOURCE American Pacific Corporation
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