WILMINGTON, Del., April 3, 2020 /PRNewswire/ -- The Chemours
Company (Chemours) (NYSE: CC), a global chemistry company with
leading market positions in Fluoroproducts, Chemical Solutions and
Titanium Technologies, today announced action it is taking to
address macroeconomic uncertainty driven by the coronavirus
(COVID-19).
"At Chemours, protecting the safety and wellbeing of our
employees while supporting our customers is our top priority. We
remain focused on executing our business continuity plans that will
keep our workforce healthy, maintain a reliable supply to our
customers, and deliver results to our shareholders," said
Mark Vergnano, president and chief
executive officer of Chemours. "At the same time, we are taking
precautionary action to navigate the current uncertainty and, out
of an abundance of caution, have made the decision to borrow
$300 million from our $800 million revolving credit facility. This
action helps to balance our access to domestic and non-domestic
cash, and increase our near-term financial
flexibility."
As a precautionary measure, on April 3,
2020, the company provided notice to draw down $300 million of its revolving credit
facility. There were no borrowings outstanding on the
revolving credit facility at the time of notice. The company does
not currently expect to use the proceeds from these borrowings,
however the company may use the proceeds in the future for working
capital needs or other general corporate purposes. The repayment of
these borrowings is expected to occur when the uncertainty in the
global markets subsides.
As previously disclosed, the company had total liquidity in the
form of cash and cash equivalents and borrowing capacity of
approximately $1.6 billion as of
December 31, 2019. The company has
well-spaced and balanced debt maturities, with no upcoming
maturities of senior debt until 2023.
"While the current environment remains uncertain, we remain
confident in our financial position, the strength of our
businesses, and the long-term prospects for Chemours," Vergnano
concluded.
About The Chemours Company
The Chemours Company
(NYSE: CC) is a global leader in titanium technologies,
fluoroproducts, and chemical solutions, providing its customers
with solutions in a wide range of industries with market-defining
products, application expertise and chemistry-based
innovations. Chemours ingredients are found in plastics and
coatings, refrigeration and air conditioning, mining and general
industrial manufacturing. Our flagship products include prominent
brands such as Teflon™, Ti-Pure™, Krytox™, Viton™, Opteon™, Freon™
and Nafion™. In 2019, Chemours was named to Newsweek's list of
America's Most Responsible Companies. The company has approximately
7,000 employees and 30 manufacturing sites serving approximately
3,700 customers in over 120 countries. Chemours is headquartered in
Wilmington, Delaware and is listed
on the NYSE under the symbol CC.
For more information, we invite you to visit chemours.com, or
follow us on Twitter @Chemours, or LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements, within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, which involve risks and
uncertainties. Forward-looking statements provide current
expectations of future events based on certain assumptions and
include any statement that does not directly relate to a historical
or current fact. The words "believe," "expect," "will,"
"anticipate," "plan," "estimate," "target," "project" and similar
expressions, among others, generally identify "forward-looking
statements," which speak only as of the date such statements were
made. These forward-looking statements may address, among other
things, the potential impact of the COVID-19 pandemic, our
liquidity needs, upcoming debt maturities, repayment of borrowings,
financial position, anticipated future operating and financial
performance, business plans, prospects, targets, goals and
commitments, and capital investments and projects, all of which are
subject to substantial risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements. Forward-looking statements are based on certain
assumptions and expectations of future events that may not be
accurate or realized. These statements are not guarantees of future
performance. Forward-looking statements also involve risks and
uncertainties that are beyond Chemours' control. Additionally,
there may be other risks and uncertainties that Chemours is unable
to identify at this time or that Chemours does not currently expect
to have a material impact on its business. Factors that could cause
or contribute to these differences include the risks, uncertainties
and other factors discussed in our filings with the U.S. Securities
and Exchange Commission, including in our Annual Report on Form
10-K for the year ended December 31,
2019. Chemours assumes no obligation to revise or update any
forward-looking statement for any reason, except as required by
law.
CONTACT:
INVESTORS
Jonathan Lock
VP, Corporate Development and Investor Relations
+1.302.773.2263
investor@chemours.com
NEWS MEDIA
David
Rosen
Global Leader, Media Relations and Strategic Communications
+1.302.773.2711
media@chemours.com
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SOURCE The Chemours Company