St. Louis, MO (PRWEB via PRWebDirect) February 13, 2007 -- The Doe Run Company (www.doerun.com), a global provider of premium metals and services, today announced it has secured new, bank financing that enables the company to repurchase all of its outstanding warrants and bonds. The financing includes a five-year, $125 million asset-based credit facility and a $200 million senior secured term loan through Wachovia Bank, N.A. This transaction secures the capital structure of Doe Run’s North American operations, increasing its financial independence and stability.
“Today, we have laid the foundation for a stronger future, for our Company, customers, employees and communities,” said Bruce Neil, president and CEO of The Doe Run Company. “We’re pleased the financial community has recognized the strength of our financial and operational performance. By achieving these financial goals, Doe Run is poised to leverage its expertise in the metals market to meet growing, global demand.”
Doe Run operates the most active lead mining district in the country, with six underground mines, four mills and the nation’s only primary smelter. In addition, the company has pioneered techniques in lead recovery and recycling and has led the industry in fabrication of lead products.
The company, which satisfied all of its obligations relating to its 11¾ % Senior Notes, repurchased approximately $165 million of the Notes. The remaining $54 million in Notes will be redeemed on March 9, 2007.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 21 states with 3,375 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 742 offices in 49 states and nine service affiliate offices in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. At December 31, 2006, Wachovia had assets of $707 billion and market capitalization of
$108 billion.
About The Doe Run Company
Based in St. Louis, The Doe Run Company is a privately held natural resources company and the largest integrated lead producer in the Western Hemisphere. Dedicated to environmentally responsible mineral and metal production, Doe Run operates the world’s largest, single-site lead recycling facility, located in Missouri. The Doe Run Company and its subsidiaries deliver products and services necessary to provide power, protection and convenience. Doe Run has operations in Missouri, Washington and Arizona. For more information, visit http://www.doerun.com.
Contact:
Christi Dixon
(314) 469-3500
http://www.doerun.com
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