Harsco draws on revolver to repay $253.38 million notes at maturity

By Angela McDaniels

Tacoma, Wash., Oct. 15 – Harsco Corp. drew on its revolving credit facility due 2017 to repay its $253,375,000 principal amount of 2.7% notes due Oct. 15, 2015, according to an 8-K filing with the Securities and Exchange Commission.

The company said it is evaluating a number of long-term alternatives to refinance these notes.

At the end of the quarter in September, Harsco had roughly $450 million of borrowing capacity and available cash and a net leverage ratio of 2.7 times, compared with a maximum debt covenant of 3.75 times under the credit agreement for the revolver.

Harsco said it expects its debt levels to remain stable for the rest of the year.

Harsco is an engineered products and services company based in Camp Hill, Pa.

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