After Record Year, Tensar Moves to Restructure Certain Loans with its Senior Lenders
ATLANTA, Ga. – February 6, 2012 – Tensar Corporation announced today strong performance in 2011, with double digit income growth as compared to 2010. This performance was achieved through record global revenue, operational productivity and the success in the marketplace of its new, patented TriAx® geogrid product. The company continues to generate strong cash flows in support of ongoing operations and achievement of its expanded 2012 earnings projection.
In regard to its financing, Tensar acknowledges that Standard & Poor's ("S&P") has downgraded its corporate credit rating and the rating on TCO Funding Corp.'s first-lien term loan. Tensar is engaged in constructive dialogue with its lenders to restructure or refinance a portion of its capital structure. These efforts are being undertaken to allow Tensar to achieve its long-term business plan. Tensar is in friendly negotiations with its lenders and intends to continue to operate its business consistent with how it has operated in the past. Tensar is current on all its operational obligations.
Tensar is a leading global developer and provider of proprietary products and engineering services used primarily in transportation, commercial and industrial construction, with strong cash flows and significant growth opportunities.
About Tensar International Corporation
Headquartered in Atlanta, Tensar International is a full-service provider of specialty products and engineering services that offer innovative and cost-effective alternatives to traditional construction methods. Tensar solutions are based on advanced soil reinforcement technologies and incorporate proprietary, engineered applications for commercial, industrial, municipal, residential and transportation infrastructure site development. The company specializes in solutions for common site development challenges, including grade changes requiring retaining walls and poor soil conditions affecting the cost of roadways, parking lots and building structures. Patented, polymeric Tensar® Geogrids are the primary component of the company’s systems, offering reliable strength and durability. Contracted services include site evaluation, conceptual engineering, design, value engineering and installation advice. For more information, visit http://www.tensarcorp.com.
Giovanna Konicke or Mary Zimmerman, Brunswick Group