May 24, 2017 10:57 AM ET

Metals and Mining

Company Overview of Century Corrosion Technologies, Inc.

Company Overview

Century Corrosion Technologies, Inc. offers corrosion control products and solutions in Texas, Louisiana, and South America. The company engages in the application of various coatings, such as tank linings, epoxies, phenolics, polyesters, coal tars, inorganic and organic zincs, urethanes, epoxy claddings, single-component moisture-cured urethanes, state-of-the-art thermal spraying of aluminum and zinc, air-dried, chemically cured, and baked-on processes. It also design and formulate specialty coating systems and equipment; distributes various corrosion control products, such as coatings, vapor phase corrosion inhibitors, cleaners and degreasers, and other specialty-type products; and third-p...

9710 Telge Road

Houston, TX 77095

United States

Founded in 1969

Phone:

281-858-1000

Fax:

281-858-9000

Key Executives for Century Corrosion Technologies, Inc.

Century Corrosion Technologies, Inc. does not have any Key Executives recorded.

Century Corrosion Technologies, Inc. Key Developments

Interim DIP Financing Approved for AFGlobal Corporation

The US Bankruptcy Court gave an order to Ameriforge Group Inc. to obtain DIP financing on an interim basis on May 2, 2017. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $25 million out of total DIP facility of $70 million from The Carlyle Group LP (NasdaqGS:CG), Stellex Capital Management LP, Renaissance Investment Holdings Ltd., Pacific Life Insurance Co., Asset Management Arm, Eaton Vance Management, Eaton Vance Loan Holding Limited, DaVinci Reinsurance Ltd., Columbia Management Investment Advisers, LLC and AGF Investments Inc. plus the Existing Letters of Credit and up to $2.5 million in New Letters of Credit from Deutsche Bank Trust Company Americas, The Carlyle Group LP (NasdaqGS:CG), Stellex Capital Management LP with Deutsche Bank AG New York Branch acting as the administrative agent. The DIP loan would carry an interest rate of LIBOR plus 8% p.a., with a LIBOR floor of 1% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 2.25% p.a., unused commitment fee of 1.75% of the actual daily unused amount of the unused commitments, payable monthly, existing l/c fees of 3.25%-3.75% on existing L/Cs that become converted L/Cs, new L/C fees of 7%, backstop payment equal to 2.50% of the amount of the exit term loans and fronting/administrative fee of 0.125%. The DIP facility would mature either 6 months after the Petition Date i.e. October 30, 2017, the effective date of the Plan and the date all DIP Loans become due and payable under the DIP Loan Documents, whether by acceleration or otherwise, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $2.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The proceeds of the DIP Facility shall be used, among other things, for the costs of administering the Chapter 11 Cases, consummation of the Restructuring Transactions, ongoing working capital and capital expenditure needs of the Debtors during the pendency of the Chapter 11 Cases, cash collateralizing the New Letters of Credit in accordance with the terms and conditions of the DIP Loan Documents and the Interim Order, making Adequate Protection Payments and making the Backstop Payment on the Plan Effective Date, in each case, subject to the Budget. Final hearing is scheduled for May 19, 2017.

Pre-Packaged Plan of Reorganization with related Disclosure Statement Filed by AFGlobal Corporation

Ameriforge Group Inc. filed a pre-packaged plan of reorganization with related disclosure statement in the US Bankruptcy Court on April 30, 2017. As per the plan filed, the administrative claims, professional claims, priority tax claims and statutory fees will be paid in full in cash. On the Effective Date, the DIP Payments (which shall include payments in respect of Claims of DIP L/C Participating Lenders in respect of any Converted L/Cs that are drawn before the Effective Date and Claims of the Additional L/C Issuing Bank in respect of any Additional L/Cs) shall be paid in full in Cash, any undrawn Converted L/Cs shall either be converted to letters of credit under the Exit ABL Facility or cash collateralized at 105% of the face amount thereof, in each case, with the DIP L/C Participating Lenders having no further obligations with respect thereto, any undrawn Additional L/Cs shall be converted to letters of credit under the Exit ABL Facility or governed by a separate letter of credit facility, and the remaining DIP Claims (Delayed-Draw Term Facility of $70 million) shall be converted into Exit Term Loans, or repaid by the proceeds funded by Eligible Participants that exercise the Subscription Option. Other secured claims and other priority claims shall be paid in full in cash. First lien claims $608.28 million (consisting of approximately $89.5 million in principal amount outstanding under first lien revolving loans and approximately $518.78 million in principal amount outstanding under the first lien term loans) will receive their pro rata share of 95.5% of the new common stock. Second lien claims of approximately $143.31 million will receive their pro rata share of 4.5% of the new common stock and the warrants. General unsecured claims shall remain unimpaired and paid in the ordinary course of business. Intercompany claim shall be reinstated or cancelled (by way of contribution to capital or otherwise) as of the effective date, at the debtors’ or the reorganized debtors. Intercompany Interest shall be reinstated as of the effective date, subject to the restructuring transactions. On the effective date, subject to the restructuring transactions, all interests in holdings will be cancelled and the holders of interests in holdings shall not receive or retain any distribution, property, or other value on account of their interests in holdings. The plan will be funded through issuance of common stock and warrants, Exit Term Loan Facility in the aggregate principal amount of $70 million and Exit ABL Facility in the aggregate principal amount of up to $50 million.

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