IRVING, Texas, September 14, 2020 (GLOBE NEWSWIRE) – Forterra, Inc. (“Forterra” or “the Company”) (NASDAQ: FRTA), a leading manufacturer of pipe and water infrastructure products and Drainage Services in the United States and Eastern Canada, today announced that on September 11, 2020, the Company has issued a notice to the Administrative Officer for its Senior Term Loan regarding the voluntary prepayment of a total of $ 100 million outstanding under the senior term loan due on September 17, 2020 Following this early repayment and the settlement of an additional $ 16 million that the Company has committed to be repurchased, the Company will have voluntarily prepaid approximately $ 139 million under the senior term loan in 2020, and the outstanding balance will be approximately $ 485 million.

Forterra CEO Karl Watson, Jr. commented, “As we continue to implement our five pillars of improvement, we are developing our cash-generating capacity, which gives us the opportunity to reduce our debt over the long term. run at a faster rate than expected. This move aligns with our recently announced voluntary prepayment forecast for full year 2020 of $ 125 million to $ 175 million. “

About Forterra

Forterra is a leading manufacturer of pipe and water and drainage products in the United States and Eastern Canada for a variety of water-related infrastructure applications, including transportation systems, distribution, drainage and storm water. Based in Irving, TX, Forterra’s breadth and scale of products make it a preferred supplier of pipe and water related products, serving a wide variety of customers including contractors, distributors and municipalities. . For more information on Forterra, visit http://forterrabp.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook” and “project” and other similar expressions which predict or indicate future events or trends or which are not statements of historical fact. Forward-looking statements should not be interpreted as a guarantee of future performance or results and will not necessarily constitute precise indications of when or by which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on management’s reasonable belief or expectations regarding future events, and are subject to risks and uncertainties, many of which are independent of the will of the Company, which could cause actual performance or results to differ materially from the belief or expectations expressed or suggested by forward-looking statements.

Some of the risks and uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements include risks and uncertainties relating to the impacts of the COVID-19 pandemic; the level of construction activity, particularly in the residential and non-residential construction markets; public financing of infrastructure and related construction activities; the highly competitive nature of our industry and our ability to compete effectively; the availability and price of the raw materials we use in our business; the ability to implement our growth strategy; our dependence on key customers and the lack of long-term agreements with these customers; the level of construction activity in Texas; energy costs; disruption in one or more of our manufacturing facilities or in our supply chain; delays in construction projects and our inventory management; our ability to successfully integrate acquisitions; work interruptions and other trade union activities; tighter mortgage or mortgage financing requirements; our dispute with HeidelbergCement relating to the payment of a price supplement; compliance with environmental laws and regulations; compliance with health and safety laws and regulations and other laws and regulations to which we and our products are subject; our dependence on key executives and key management personnel; our ability, or that of the clients we work with, to retain and attract additional qualified and unqualified technical or sales personnel; the credit and non-payment risks of our customers; warranty and related claims; legal and regulatory claims; the seasonality of our activity and its sensitivity to bad weather; our order book; our ability to maintain sufficient liquidity and to ensure adequate financing or guarantees for major projects; delays or failures in our computer systems and computer networks; security breaches in our computer systems and other cybersecurity incidents and additional factors discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and quarterly reports on Form 10- Q, for additional information regarding risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statement.

Source: Forterra, Inc.

Company details :
Simon chen
Vice-President, Treasury and Investor Relations
469-299-9113
[email protected]