Tredegar Corp. (TG) has issued an update.
Tredegar Corporation has amended its credit facility, pushing back the reduction in maximum borrowing capacity from $180 million to $125 million to either the sale of its Terphane business or September 30, 2025, whichever comes first. This move aims to provide financial flexibility and improve monitoring of working capital and debt. The sale of Terphane to Oben Group is underway for $116 million, subject to regulatory approvals, with clearance from Colombia already secured and a review by Brazil’s CADE expected by November 2024. The company cautions investors about reliance on forward-looking statements, acknowledging potential risks and uncertainties that could affect the expected outcomes.
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