Forterra Announces Voluntary Prepayment of Term Loan

IRVING, Texas, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Forterra, Inc. (“Forterra” or “the Company”) (NASDAQ: FRTA), a leading manufacturer of water and drainage infrastructure pipe and products in the United States and Eastern Canada, today announced that on September 11, 2020, the Company delivered notice to the administrative agent for its senior term loan regarding the voluntary prepayment of an aggregate of $100 million outstanding under the senior term loan to be made on September 17, 2020. Following this prepayment and the settlement of another $16 million the Company has contracted to repurchase, 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’s CEO Karl Watson, Jr. commented, “As we continue to execute on our five improvement pillars, we are expanding our cash generating capability which gives us the opportunity to reduce our long-term debt at a faster rate than previously communicated. This move aligns with our recently announced full year 2020 voluntary prepayment guidance of $125 to $175 million.”

About Forterra

Forterra is a leading manufacturer of water and drainage pipe and products in the U.S. and Eastern Canada for a variety of water-related infrastructure applications, including water transmission, distribution, drainage and stormwater systems.  Based in Irving, Texas, Forterra’s product breadth and scale help make it a preferred supplier for water-related pipe and 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 may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, 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 with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements.