Kaiser Aluminum Corporation Announces New Five-Year, $375 Million, Senior Secured Revolving Credit Facility

Kaiser Aluminum Corporation (KALU) today announced that it has entered into a $375 million, five-year senior secured revolving credit facility replacing its previously existing facility that was due to mature in December 2020. The new facility increases the lending commitment by $75 million and provides more favorable pricing and greater flexibility than the previous facility. As of the October 30, 2019 effective date, borrowing availability under the new facility, net of outstanding letters of credit, was approximately $353 million based upon a borrowing base of eligible accounts receivable and inventory and certain machinery and equipment. There are no borrowings under the revolving credit facility.

“A key component of our business strategy is to maintain strong liquidity and financial flexibility that will continue to support ongoing growth and investment in our business and allow us to maintain our strong competitive position throughout the economic cycles of the end markets we serve,” said Jack A. Hockema, Chairman and Chief Executive Officer. “We are pleased that our lending banks continue to acknowledge our strong business model and prudent financial management and we appreciate their continued commitment and support.”

Company Description

Kaiser Aluminum Corporation, headquartered in Foothill Ranch, Calif., is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, custom automotive, general engineering, and other industrial applications. The Company's North American facilities produce value-added sheet, plate, extrusions, rod, bar, tube, and wire products, adhering to traditions of quality, innovation, and service that have been key components of the culture since the Company was founded in 1946. The Company's stock is included in the Russell 2000® index and the S&P Small Cap 600® index.

Available Information

For more information, please visit the Company's website at www.kaiseraluminum.com. The website includes a section for investor relations under which the Company provides notifications of news or announcements regarding its financial performance, including Securities and Exchange Commission (SEC) filings, investor events, and earnings and other press releases. In addition, all Company filings submitted to the SEC are available through a link to the section of the SEC's website at www.sec.gov, which includes: Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Proxy Statements for the Company's annual stockholders' meetings, and other information statements as filed with the SEC. In addition, the Company provides a webcast of its quarterly earnings calls and certain events in which management participates or hosts with members of the investment community.