Trex Company Announces Redemption of Variable Rate Demand Environmental Improvement Revenue Bonds
21 August 2009 - 2:47PM
Business Wire
Trex Company, Inc. (NYSE: TWP), the nation’s leading
manufacturer and distributor of wood alternative decking, railing,
fencing and trim, today announced that a notice of redemption has
been sent to holders of all Variable Rate Demand Environmental
Improvement Revenue Bonds (Trex Company, Inc. Project) Series 2004.
The bonds, totaling $25 million and issued by the Mississippi
Business Finance Corporation, will be redeemed on September 15,
2009 at a price of 100% plus accrued interest.
“The redemption of these bonds demonstrates the success we’ve
had in adding liquidity to our business and strengthening Trex’s
balance sheet,” stated President and CEO Ron Kaplan. “Trex’s strong
cash flow and solid financial position are significant advantages
in today’s economic environment.”
About Trex Company
Trex Company is the nation’s largest manufacturer of composite
decking, railing, fencing and trim, with over 15 years of product
experience. Built on “green” principles and values, Trex makes its
products from a unique formulation of reclaimed wood and plastic,
combined through a proprietary process. Trex decking, railing,
fencing and trim offer significant design flexibility with fewer
ongoing maintenance requirements than wood, as well as a truly
environmentally responsible choice. In addition, Trex distributes
ultra-low maintenance PVC decking under the trademark Trex Escapes®
and PVC trim under the trademark Trex Trim™. For more information,
visit the Company’s website, www.trex.com. Trex®, Trex Escapes® and
Trex Trim™ are trademarks of Trex Company, Inc., Winchester,
Va.
The statements in this press release regarding the Company's
expected future performance and condition and its business strategy
constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements are subject to
risks and uncertainties that could cause the Company's actual
operating results to differ materially. Such risks and
uncertainties include the extent of market acceptance of the
Company's products; the sensitivity of the Company's business to
general economic conditions; the Company's ability to obtain raw
materials at acceptable prices; the Company's ability to maintain
product quality and product performance at an acceptable cost; the
level of expenses associated with product replacement and consumer
relations expenses related to product quality; and the highly
competitive markets in which the Company operates. The Company's
report on Form 10-K filed with the Securities and Exchange
Commission on March 12, 2009 and its subsequent reports on Form
10-Q filed on May 8, 2009 and August 10, 2009 discuss some of the
important factors that could cause the Company's actual results to
differ materially from those expressed or implied in these
forward-looking statements. The Company expressly disclaims any
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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