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Apergy repays $45 million term loan debt in 2018, $25 million in Q4
By Devika Patel
Knoxville, Tenn., Feb. 19 – Apergy Corp. used available cash to repay $25 million of term loan debt in the fourth quarter of 2018.
The company repaid $45 million of term loan debt in the last two quarters of 2018.
“In the quarter, we repaid $25 million of debt,” president and chief executive officer Sivasankaran Somasundaram said on the company’s fourth quarter and year ended Dec. 31, 2018 earnings conference call on Tuesday.
“Our continued focus on strong cash flow generation combined with our disciplined capital management allowed us to repay $45 million of debt during the last two quarters of 2018,” Somasundaram said.
“We repaid another $25 million of debt on our term loan, consistent with our commitment to our capital allocation priorities, which include funding our organic Capex needs as well as reducing leverage through earnings growth and debt reduction,” senior vice president and chief financial officer Jay A. Nutt said on the call.
“For the year, we repaid $45 million in term loan debt since the spin in the second quarter,” Nutt said.
Adjusted EBITDA was $77.8 million in the fourth quarter of 2018, an increase of $21.2 million or 37%, compared to $56.6 million of adjusted EBITDA in the fourth quarter of 2017.
Full-year adjusted EBITDA was $296,465,000, compared to $221,089,000 for full-year 2017.
Cash and cash equivalents were $41,832,000 as of Dec. 31, 2018, compared to $23,712,000 as of Dec. 31, 2017.
Apergy had $288 million of available liquidity as of Dec. 31, 2018, compared to $263 million as of Sept. 30, 2018.
The company’s total debt was $666 million as of the end of the fourth quarter.
As of Dec. 31, 2018, Apergy’s total leverage ratio was 2.2x.
Apergy is a The Woodlands, Texas-based provider of highly engineered technologies that help companies drill for and produce oil and gas efficiently and safely.
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