rogers corp (ROG) Key Developments
Rogers Corporation Enters into Second Amended and Restated Credit Agreement
Jun 24 15
On June 18, 2015, Rogers Corporation entered into a Second Amended and Restated Credit Agreement with each of the lenders party thereto, JPMorgan Chase Bank, N.A. as administrative agent, HSBC Bank USA, National Association and Citizens Bank, N.A. as co-syndication agents, Fifth Third Bank and Citibank, N.A. as co-documentation agents and JPMorgan Securities LLC and HSBC Bank USA, National Association as joint bookrunners and joint lead arrangers. The Amended Credit Agreement amends and restates the existing credit agreement of the Company, dated July 13, 2011, as amended (the ‘2011 Credit Agreement’). Under the Amended Credit Agreement, lenders agreed to provide the Company a $55 million term loan; up to $295 million of revolving loans, with sub-limits for multicurrency borrowings, letters of credit and swing-line notes; and a $50 million expansion feature. Borrowings may be used to finance working capital needs, for letters of credit and for the general corporate purposes of the Company or its subsidiaries in the ordinary course of business, including the financing of permitted acquisitions. Key features of the Amended Credit Agreement, relative to the 2011 Credit Agreement, include increasing credit availability from $265 million to $350 million, with an additional $50 million expansion option; extending the maturity from July 13, 2016, to June 18, 2020; reducing the borrowing spread; eliminating the capital expenditures covenant; eliminating the $100 million cap on permitted acquisitions as long as the Company meets an adjusted financial covenant requirement; releasing the mortgages on the Company’s real estate; implementing larger baskets for, among other things, permitted debt, asset sales and dividends; elimination of certain cross-default provisions; and removing certain types of events that would trigger a change in control default. Borrowings under the Amended Credit Agreement bear interest based on one of two options. Alternate base rate loans will bear interest at a rate that includes a base reference rate plus a spread of 37.5 – 75.0 basis points, depending on the Company’s leverage ratio. The base reference rate will be the greater of the prime rate; federal funds effective rate plus 50 basis points; and adjusted 1-month London interbank offered (‘LIBO’) rate plus 100 basis points. Eurocurrency loans will bear interest based on the adjusted LIBO rate plus a spread of 137.5 – 175.0 basis points, depending on the Company’s leverage ratio. In addition to interest payable on the principal amount of indebtedness outstanding from time to time under the Amended Credit Agreement, the Company is required to pay a quarterly fee of 0.20% to 0.30% (based upon the Company’s leverage ratio) of the unused amount of the lenders’ commitments under the Amended Credit Agreement. The Amended Credit Agreement contains customary representations and warranties, covenants, mandatory prepayments and events of default under which the Company’s payment obligations may be accelerated. The financial covenants include a requirement to maintain a leverage ratio of no more than 3.25 to 1.00, subject to a one-time election to increase the maximum leverage ratio to 3.50 to 1.00 for one fiscal year in connection with a permitted acquisition, and an interest coverage ratio of no less than 3.00 to 1.00. Under the 2011 Credit Agreement, the Company was subject to a maximum leverage ratio was 3.00 to 1.00 and a fixed charge coverage ratio of no less than 2.50 to 1.00. All obligations under the Amended Credit Agreement are guaranteed by each of the Corporation’s existing and future material domestic subsidiaries, as defined in the Amended Credit Agreement (the ‘Guarantors’). The obligations are also secured by a Second Amended and Restated Pledge and Security Agreement, dated as of June 18, 2015, entered into by the Company and the Guarantors which grants to the administrative agent, for the benefit of the lenders, a security interest, subject to certain exceptions, in substantially all of the non-real estate assets of the Company and the Guarantors. All amounts borrowed or outstanding under the Amended Credit Agreement, with the exception of amounts borrowed under the term loan which are subject to quarterly principal payments, are due and mature on June 18, 2020, unless the commitments are terminated earlier either at the request of the Company or if certain events of default occur. At June 18, 2015, the Company had outstanding debt of $180 million under the Amended Credit Agreement which includes $55 million borrowed under the term loan and $125 million borrowed under the revolving line of credit.
Rogers Corporation Presents at D.A. Davidson & Co. 7th Annual Technology Forum, May-27-2015
May 20 15
Rogers Corporation Presents at D.A. Davidson & Co. 7th Annual Technology Forum, May-27-2015 . Venue: Grand Hyatt New York, Park Avenue at Grand Central, New York, NY 10017, United States. Speakers: David Mathieson, Chief Financial Officer and Vice President of Finance, Robert C. Daigle, Chief Technology Officer and Senior Vice President.
Rogers Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Second Quarter and Full Year of 2015
Apr 29 15
Rogers Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, net sales were $165,051,000 against $146,640,000 a year ago. Operating income was $20,100,000 against $21,457,000 a year ago. Income before income tax expense was $19,884,000 against $20,495,000 a year ago. Net income was $13,627,000 against $14,580,000 a year ago. Diluted net earnings per share were $0.72 against $0.79 a year ago. Non-GAAP net earnings per diluted share were $0.94. Cash flow from operations for the three months was $12.9 million, with capital expenditures of $8.5 million.
For the second quarter of 2015, the company expects GAAP earnings per diluted share from $0.71 to $0.83. Net sales will be between $175 to $185 million and non-GAAP net earnings between $0.81 and $0.93 per diluted share, which excludes estimated integration costs of $0.10 per diluted share. Included in the second quarter of 2015 net sales guidance is the unfavorable impact of approximately $7.7 million due to currency exchange rates.
For full year of 2015, the company expects capital expenditures to be in the range of $33 to $38 million and its effective tax rate to be approximately 30%.
Rogers Corporation to Report Q1, 2015 Results on Apr 29, 2015
Apr 22 15
Rogers Corporation announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on Apr 29, 2015
Rogers Corporation, Q1 2015 Earnings Call, Apr 30, 2015
Apr 22 15
Rogers Corporation, Q1 2015 Earnings Call, Apr 30, 2015