Market Newsdesk

• Complementary Businesses to Create Greater Scale and Broaden Product Mix
• Russel Metals to Realize $138 Million of Cash Proceeds and Retain a 50% Equity Interest

TORONTO, April 14, 2021 /PRNewswire/ – Russel Metals Inc. (TSX: RUS) announces that it has entered into an agreement with Marubeni-Itochu Tubulars America Inc. (“MITI”), whereby Russel Metals and MITI will combine their respective Canadian OCTG/line pipe businesses. In conjunction with the combination, Russel Metals will receive a substantial portion of its contributed net asset value in cash proceeds, in addition to retaining a 50% equity interest in the combined venture.

Currently, Russel Metals operates its Canadian OCTG/line pipe business through its wholly owned subsidiary Triumph Tubular & Supply Ltd. (“Triumph”), and MITI operates its Canadian OCTG/line pipe business through its wholly owned subsidiary Hallmark Tubulars Ltd. (“Hallmark”). The combined business of Triumph and Hallmark will operate under a newly incorporated company, named TriMark Tubulars Ltd. (“TriMark”).

Over the past several years, the macro business conditions for the OCTG/line pipe industry have changed substantially as a result of a challenging energy market as well as the disintermediation of distributors by certain direct-to-market manufacturers. As a result, this combination will create a business that has the necessary economies of scale, including a diverse product offering and business platform to efficiently and effectively serve its customers.

John Reid, President and CEO of Russel Metals commented, “Over the past nine months, we have been strategically focused on both rationalizing the operations and reducing the capital deployed in our OCTG/line pipe businesses. This transaction provides an opportunity to substantially repatriate capital for deployment in other value enhancing opportunities, but also retain an ongoing interest and participate in the future success of the combined business. We would like to thank the Triumph team for their tremendous efforts in repositioning the business over the past year, and we look forward to working with MITI on a shared vision for TriMark.”

Transaction Overview

Russel Metals will contribute net assets with a book value of approximately $111 million, subject to adjustments, primarily comprised of Triumph’s inventories less its accounts payables. As consideration, Russel Metals shall receive: (i) cash of approximately $79 million, subject to closing working capital adjustments; (ii) preferred shares with a face value of $32 million and an annual dividend rate of 7%; and (iii) a 50% equity interest in TriMark. In addition, Russel Metals will retain Triumph’s accounts receivables which totaled $59 million at March 31, 2021, which when combined with the closing cash consideration of $79 million will result in a near term cash realization of approximately $138 million. For the year ended December 31, 2020, Triumph generated revenues of $165 million and an operating loss of $3 million. For the three years ended December 31, 2020, Triumph generated average annual revenues of $267 million and an average annual operating profit of $10 million.

A $175 million committed bank facility for TriMark has been obtained from a syndicate of banks, jointly led by the Royal Bank of Canada and Bank of Montreal. The facility is a 3-year asset based loan with typical borrowing base parameters and financial covenants. The bank facility is non-recourse to Russel Metals and MITI.

The transaction is subject to customary regulatory and closing conditions and is expected to close in the second or third quarter of 2021.

About Russel Metals
Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three segments: metals service centers, energy products and steel distributors. Its network of metals service centers carries an extensive line of metal products in a wide range of sizes, shapes and specifications, including carbon hot rolled and cold finished steel, pipe and tubular products, stainless steel, aluminum and other non-ferrous specialty metals. Its energy products operations carry a specialized product line focused on the needs of energy industry customers. Its steel distributors operations act as master distributors selling steel in large volumes to other steel service centers and large equipment manufacturers mainly on an “as is” basis.

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Cautionary Statement on Forward-Looking Information
Certain statements contained in this press release constitute forward-looking statements or information within the meaning of applicable securities laws relating to, among other things, the anticipated benefits of the transaction, the timing and anticipated receipt of necessary approvals and satisfaction of conditions to close the transaction and there can be no assurance that the proposed transaction will occur, or that it will occur on the exact terms contemplated in this press release  Forward-looking statements are often, but not always, identified by the use of words such as “expect”, “may”, “will”, “could”, “might”, “should”, “believe” and similar expressions. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us, inherently involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.

While we believe that the expectations reflected in our forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct, and our forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release and, except as required by law, we do not assume any obligation to update our forward-looking statements.

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SOURCE Russel Metals Inc.

OAKVILLE, ON, April 14, 2021 /PRNewswire/ – Algonquin Power & Utilities Corp. (“AQN”) (TSX: AQN) (NYSE: AQN) today announced plans to release its first quarter 2021 financial results on Thursday, May 6, 2021, after market close.  AQN will hold an earnings conference call at 10:00 a.m. eastern time on Friday, May 7, 2021, hosted by President and Chief Executive Officer, Arun Banskota and Chief Financial Officer, Arthur Kacprzak.

Conference call details are as follows:

About Algonquin Power & Utilities Corp. and Liberty

Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with approximately $13 billion of total assets. Through its two business groups, the Regulated Services Group and the Renewable Energy Group, AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of electric generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada.  AQN is a global leader in renewable energy through its portfolio of long-term contracted wind, solar, and hydroelectric generating facilities. AQN owns, operates, and/or has net interests in over 3 GW of installed capacity.

AQN is committed to delivering growth and the pursuit of operational excellence in a sustainable manner through an expanding global pipeline of renewable energy and electric transmission development projects, organic growth within its rate-regulated generation, distribution, and transmission businesses, and the pursuit of accretive acquisitions.

AQN’s common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN’s common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB, respectively.

Visit AQN at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.

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SOURCE Algonquin Power & Utilities Corp.

CHANTILLY, Va., April 14, 2021 /PRNewswire/ — Perspecta Inc. (NYSE: PRSP), a leading U.S. government services provider, announced today that it was selected to support the Space Weather Analysis and Forecast System (SWAFS) program. Awarded by the U.S. Space Force’s Space and Missile Systems Center and the General Services Administration’s Federal Systems Integration and Management Center (FEDSIM), the contract falls under Phase III of the Small Business Innovation Research (SBIR) program. The award represents new work for the company, has a five-year period of performance and a ceiling value of $71 million.

On the program, Perspecta will provide SWAFS personnel with an improved capability to analyze sensor data related to solar flares, solar winds and other space environmental conditions that may affect high-altitude aircraft, and space- and ground-based systems. Perspecta will migrate the SWAFS software applications to a cloud environment and deploy a data-as-a-service interface so that users get more direct access to near-real-time data. Use of this data collection model will allow the U.S. Department of Defense and other government organizations to increase the number of data sources available to the SWAFS program and upgrade its capacity to collate and correlate data.

“Space is an inherently risky environment with both natural and human-made threats to systems we need every day on earth,” said Jeff Bohling, senior vice president and general manager of Perspecta’s defense group. “The modernization work we will perform for SWAFS will provide the Air Force with an enhanced ability to evaluate space environmental data and greater situational awareness of threats as it navigates this increasingly important strategic and tactical environment.”

Perspecta received this award following acceptance of its SWAFS concept solution that leveraged the technology used in the program’s SBIR Phase I. In that initiative, the company determined the cloud readiness of SWAFS systems and applications and developed a recommended path forward for successful migration.

About Perspecta Inc.

At Perspecta (NYSE: PRSP), we question, we seek and we solve. Perspecta brings a diverse set of capabilities to our U.S. government customers in defense, intelligence, civilian, health care and state and local markets. Our 280+ issued, licensed and pending patents are more than just pieces of paper, they tell the story of our innovation. With offerings in mission services, digital transformation and enterprise operations, our team of nearly 14,000 engineers, analysts, investigators and architects work tirelessly to not only execute the mission, but build and support the backbone that enables it. Perspecta was formed to take on big challenges. We are an engine for growth and success and we enable our customers to build a better nation. For more information about Perspecta, visit perspecta.com.

This press release may contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Perspecta and are subject to significant risks and uncertainty. Readers are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Perspecta undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Perspecta believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve a variety of risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements.

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SOURCE Perspecta Inc.

HONOLULU, April 14, 2021 /PRNewswire/ — Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank, will release its first quarter 2021 earnings on April 28, 2021, before the open of the New York Stock Exchange.  Management will review the results by conference call and live audio webcast beginning at 1:00 p.m. Eastern Time (7:00 a.m. Hawaii Time) on April 28, 2021.

Interested parties may listen to the conference by calling 1-877-505-7644, or by listening to the webcast on the company’s investor relations website at http://ir.cpb.bank. A replay of the call will be available through May 28, 2021 by dialing 1-877-344-7529 (passcode: 10155139) and on the company’s website.

About Central Pacific Financial Corp.

Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $6.6 billion in assets. Central Pacific Bank, its primary subsidiary, operates 31 branches and 69 ATMs in the state of Hawaii, as of December 31, 2020. For additional information, please visit the Company’s website at http://www.cpb.bank.

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SOURCE Central Pacific Financial Corp.

SANTA MONICA, Calif., April 14, 2021 /PRNewswire/ — Today, the Macerich Company (NYSE: MAC, the “Company”) closed on the renewal of its corporate credit facility. The $700 million facility includes both a revolving line of credit totaling $525 million and a term loan totaling $175 million. The revolver has a two-year initial term plus a one-year extension option and the term loan has a three-year term. At closing, the floating interest rate will be LIBOR + 2.75%, and $495 million will be drawn on the facility. The revolver may be expanded up to $800.0 million at any time during the term, subject to certain conditions. The facility includes security in the form of mortgages on certain previously unencumbered wholly-owned assets and pledges of the Company’s equity interests in certain other assets.

At closing, the Company repaid nearly $1 billion of debt. “We are very pleased to have finalized this credit facility, which provides an important capital foundation to the Company for the next three years,” said Tom O’Hern, Chief Executive Officer of Macerich. “We are committed to reducing leverage over time, and we consider the significant repayment of debt at closing of this facility to be an important step in that regard.”    

About Macerich

:

The Company recently posted a new investor presentation to its website at www.Macerich.com.

Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development, and redevelopment of regional malls throughout the United States.

Macerich currently owns 50 million square feet of real estate consisting primarily of interests in 46 regional shopping centers. Macerich specializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence on the West Coast, Arizona and the Metro New York to Washington, DC corridor.  A recognized leader in sustainability, Macerich has achieved the #1 GRESB ranking in the North American Retail Sector for six straight years (2015 – 2020). Additional information about Macerich can be obtained from the Company’s website at www.Macerich.com.

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SOURCE Macerich Company

CLEVELAND, April 14, 2021 /PRNewswire/ — Avient Corporation (NYSE: AVNT), a leading provider of specialized and sustainable material solutions, intends to release its first quarter 2021 earnings before the market opens on Friday, April 30, 2021. The company will then host a webcast with a slide presentation at 9:00 a.m. Eastern Time on Friday, April 30, 2021.

The webcast can be viewed live at avient.com/investors, or by clicking here: https://edge.media-server.com/mmc/p/eaivs28r.  To participate in the audio-only portion of the call, dial 1-844-835-7433 (domestic) or 1-914-495-8589 (international) and provide conference ID number 6746706.  There will be a question and answer session following the company’s presentation and prepared remarks.

A recording of the webcast and the slide presentation will be available at avient.com/investors.  In addition, a recording of the audio will be available for one week, beginning at 12:00 p.m. ET on Friday, April 30, 2021.  To access, dial 1-855-859-2056 (domestic) or 1-404-537-3406 (international) and provide conference ID number 6746706.

About Avient

Avient Corporation (NYSE: AVNT), with 2020 pro forma revenues of $3.8 billion, provides specialized and sustainable material solutions that transform customer challenges into opportunities, bringing new products to life for a better world. Examples include:

• Barrier technologies that preserve the shelf-life and quality of food, beverages, medicine and other perishable goods through high-performance materials that require less plastic
• Light-weighting solutions that replace heavier traditional materials like metal, glass and wood, which can improve fuel efficiency in all modes of transportation
• Breakthrough technologies that minimize wastewater and improve the recyclability of materials and packaging across a spectrum of end uses

Avient employs approximately 8,400 associates and is certified ACC Responsible Care®, a founding member of the Alliance to End Plastic Waste and certified Great Place to Work®.  For more information, visit www.avient.com.

To access Avient’s news library online, please visit www.avient.com/news

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SOURCE Avient Corporation