Olin Corporation reports developments across chemical manufacturing and ammunition businesses. The company operates Chlor Alkali Products and Vinyls, Epoxy, and Winchester segments, with products including chlorine, caustic soda, ethylene dichloride, vinyl chloride monomer, epoxy resins, and Winchester sporting ammunition and accessories.
Recurring Olin news includes quarterly results, adjusted EBITDA and sales commentary, segment demand trends, planned maintenance and operating reliability, structural cost actions, litigation charges, and commercial agreements tied to its vinyls portfolio. Updates also cover Winchester commercial and defense demand, raw-material and commodity cost pressures, and regulatory or environmental risk topics common to chemical manufacturing.
Olin Corporation (NYSE: OLN) plans to redeem $600 million of its 9.75% senior notes due October 15, 2023, on the same date, at a redemption price of 102.438%, totaling a $14.6 million premium. The redemption will be funded by a $500 million senior delayed-draw term loan and $114.6 million from operations. This move is expected to decrease annual interest expenses by approximately $40 million, reflecting improved liquidity from reduced working capital and capital spending.
Olin Corporation (NYSE: OLN) reported a net loss of $120.1 million for Q2 2020, significantly worse than the $20.0 million loss in Q2 2019. Sales fell to $1,241.2 million from $1,592.9 million year-over-year. Adjusted EBITDA was $71.5 million, down from $204.6 million in the previous year. The decline stemmed from a 27% drop in sales in the Chlor Alkali Products and Vinyls and Epoxy businesses, attributed to weak customer demand and maintenance activities. However, the Winchester division saw a year-over-year earnings improvement, driven by elevated commercial ammunition demand. Olin plans refinancing and cost management measures to enhance liquidity and cash flow.
Olin Corporation (NYSE: OLN) announced a quarterly dividend of $0.20 per share, marking its 375th consecutive quarterly dividend. The dividend is payable on September 10, 2020, to shareholders of record as of August 10, 2020. Olin is a leading global manufacturer and distributor of chemical products, including chlorine and caustic soda, and a prominent U.S. manufacturer of ammunition through its Winchester brand.