U.S. Silica Holdings, an industrial minerals company and last-mile logistics provider to the oil and gas industry, completed a $25 million voluntary term loan principal repayment. The debt was extinguished at par using excess cash on hand.
“We are pleased to extinguish an additional $25 million of debt, further strengthening our balance sheet and improving our leverage profile,” Bryan Shinn, CEO of U.S. Silica Holdings, said. “Over the past six quarters, we have extinguished a total of $334 million of debt, incrementally reducing our debt service costs in today’s high interest rate environment. We are committed to delivering on our strategy of utilizing our cash flow from operations to simultaneously invest in increased capacity, added capabilities and innovative new products in our industrial business to take advantage of future growth opportunities and enhance shareholder value.”
