03.11.10 - Aquilex Holdings LLC Announces Commencement of $235,000,000 Secured Financing

Aquilex Holdings LLC Announces Commencement of $235,000,000 Secured Financing

Aquilex Holdings LLC (“Aquilex”) announced today that it will commence a $235 million secured financing to replace its existing senior secured revolving credit and term loan facilities, which were put in place at the time of the acquisition of Aquilex by Ontario Teachers’ Pension Plan Board (“OTPPB”) in December 2008. The proposed refinancing is expected to include a new $185 million senior secured term loan and $50 million senior secured revolving credit facility. Taken together with the $225 million offering of high yield notes completed by Aquilex in December 2009, the proceeds of which were used to refinance Aquilex’s outstanding mezzanine notes and prepay a portion of the existing facilities, Aquilex will have refinanced all the debt it incurred at the time of the acquisition by OTPPB.

The final terms and timing of the refinancing will depend upon market conditions and other factors. The refinancing is expected to close in April.

Cautionary Language Concerning Forward Looking Statements

The statements contained in this release that are not historical facts are “forward looking statements” (as such term is defined in the Private Securities Litigation Reform Act) that involve risks and uncertainties. These statements include our plans and our expectations regarding our future financial prospects. Aquilex cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance and/or achievements of Aquilex may differ materially from the future results, performance, and/or achievements express or implied by these forward-looking statements as a result of a number of factors. Aquilex undertakes no obligation to update any forward looking statements.

Contacts:
Jay W. Ferguson
Chief Financial Officer
(404) 869-5221