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Kraton Says COVID-19 Has Had Limited Impact On Its Business And Results

Provided a status update related to the coronavirus (COVID-19) pandemic impact, Kraton Corp. (KRA) announced Monday that COVID-19 has had a limited impact on its business and results of operations as its plants have continued to operate at normal capacities, and its supply chain remains intact, with adequate availability of key raw materials.

The company continues to strengthen its balance sheet, most recently through the March 6, 2020 sale of its Cariflex business for $530 million, and the subsequent reduction in amounts outstanding under its senior secured term loan facility.

With the sale, the company expects to reduce consolidated net debt by approximately $480 million by the end of the first quarter of 2020. The company said it has no scheduled maturities until 2025, with the exception of the currently largely undrawn $250 million ABL facility.

For the first quarter of 2020, the company expects to report adjusted EBITDA exceeding the current consensus estimate of approximately $46 million. It also expects to release full results for the first quarter of 2020 after market close on April 29, 2020.

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