Harsco corporation completes accounts receivable securitization to support financial flexibility

Camp hill, pa., june 30, 2022 (globe newswire) -- harsco corporation (nyse: hsc) today announced that it has closed an accounts receivable securitization facility of $150 million with pnc bank, n.a. the company expects to initially utilize approximately $120 million of the facility, with this asset monetization providing annual interest savings of approximately $2 million. this transaction also lowers harsco's leverage as defined under its existing senior secured credit agreement. the remaining availability under the facility may be funded at the company's discretion in subsequent quarters. the facility has a term of three years.
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