There were no loans outstanding under the previous credit facility at the time of signing and the outstanding letters of credit were transferred to the new facility. USEC will use the proceeds for working capital, general corporate purposes and letters of credit.
"We are pleased with the clear showing of support and confidence from the financial community despite a challenging credit market," said John C. Barpoulis, senior vice president and chief financial officer. "The facility provides us with a meaningful liquidity backstop and allows us flexibility for near-term spending on the American Centrifuge project."
USEC is issuing a Form 8-K simultaneously with this news release that includes additional details regarding terms of the credit facility.
USEC Inc., a global energy company, is a leading supplier of enriched uranium fuel for commercial nuclear power plants.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 - that is, statements related to future events. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For USEC, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include, but are not limited to: risks related to our ability to expand our revolving credit facility with commitments from additional financial institutions to increase the total capacity beyond $225 million; restrictions in the documents governing our indebtedness that may limit our operating and financial flexibility and spending on the American Centrifuge project; the impact of volatile financial market conditions on our business, liquidity, prospects, and credit and insurance facilities; and other risks and uncertainties discussed in our filings with the Securities and Exchange Commission ("SEC"). Investors are urged to carefully review and consider the various disclosures made in our filings with the SEC, including our annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of such statements except as required by law.
SOURCE: USEC Inc.
USEC Inc.
Investors: Steven Wingfield, 301-564-3354
Media: Elizabeth Stuckle, 301-564-3399