|Re: 3.55 4.87 Centrus Completes D&D Project for U.S. DOE on Time, on Budget|
BETHESDA, Md., Oct. 9, 2019 /PRNewswire/ -- Centrus Energy Corp. (NYSE American: LEU) today announced that it successfully completed decontamination and decommissioning (D&D) of the U.S. Department of Energy's K-1600 facility in Oak Ridge, Tennessee, on time and on budget. Centrus finished the $15 million project in just one year.
"I'm pleased our team was able to deliver the results the Department expected on a very short timetable," said Centrus President and CEO Daniel B. Poneman. "This success demonstrates our broad technical capabilities and reflects our strategy of diversifying the business by offering advanced engineering, manufacturing, and D&D services."
Centrus had leased K-1600 from DOE since 2002 to test and demonstrate the world's most advanced uranium enrichment centrifuges, while conducting centrifuge manufacturing, engineering, and design at its state-of-the-art Technology and Manufacturing Center (TMC) in Oak Ridge. In 2018, however, Centrus obtained a license from the State of Tennessee to allow for future testing activities at TMC. This obviates the need to continue using K-1600 and allows the company to consolidate future centrifuge development efforts into a single, Centrus-owned facility.
The Department awarded Centrus a $15 million Work Authorization on September 27, 2018, to prepare K-1600 for demolition. The facility is one of the last remaining legacy structures on the 2,200-acre site of the World War II-era K-25 uranium enrichment plant, now known as the East Tennessee Technology Park. Decontaminating and decommissioning K-1600 is part of a larger effort by DOE to clean up the site so that it can be reused for commercial and industrial purposes by the local community.
Centrus' D&D work at K-1600 included removal and disposition of all equipment and materials to render the facility non-radiologically contaminated and non-possessing (i.e. unclassified). As a result, the Department will be able to turn the facility over to a contractor to demolish the building.
------------------- "Opportunities multiply as they are seized" -- Sun Tzu circa 500 B.C. -------------------
| Reply to SunTzu772 - Msg #109 - 10/07/2019 10:40|
Re: 3.55 4.35 an oldie but goodie..finally moving up here is why -
Centrus Repays $27.5 Million in Outstanding Notes
Debt reduced by 70 percent since 2015
BETHESDA, Md. – Centrus Energy Corp. (NYSE American: LEU) announced that it has fully repaid the $27.5 million in outstanding 8.0% PIK toggle notes that matured on September 30, 2019. This is the latest in a series of steps the company has taken to reduce its long-term debt. Following today’s payment, Centrus has cut the principal amount of its outstanding debt by 70 percent since the end of 2015.
“This is another important milestone in our long-term effort to strengthen our balance sheet and return the company to profitability by next year,” said Daniel B. Poneman, Centrus President and Chief Executive Officer. “Our improved financial health is helping us win new sales, sign new contracts, and expand long-term relationships with customers.”
Centrus ended 2015 with $247.6 million in long-term debt, with a maturity date of September 30, 2019. Since then the company has reduced its outstanding debt through several actions, including an exchange offer in 2017. These actions, combined with today’s payment, reduced the principal amount of the total outstanding debt to $74.3 million and extended the maturity date of the remaining debt to 2027.
A summary of previous actions to reduce, restructure, and retire Centrus’ debt is available on the Centrus website at: https://www.centrusenergy.com/news/progress-update-reducing-long-term-debt/