Georgia Gulf Corp. (GGC) announced Monday that it expects to report net sales of approximately $3.3 billion for 2012, or about 3 percent higher than 2011. The company expects to report adjusted EBITDA of $330 million to $340 million for 2012.
Analysts polled by Thomson Reuters expect the company to report revenues of $3.31 billion for fiscal 2012. Analysts' estimates typically exclude special items.
The company had approximately $200 million of cash and cash equivalents as of December 31, 2012. Georgia Gulf's total debt position as of December 31, 2012, was approximately $448 million including no cash drawn under its ABL Revolver.
In a separate press release, Georgia Gulf announced the commencement of a private offering by Eagle Spinco Inc. of $688 million in aggregate principal amount of unsecured senior notes due 2021. The Notes will be issued by Splitco, which is currently a subsidiary of PPG Industries Inc. (PPG).
Previously, PPG and Georgia Gulf announced that they had entered into definitive agreements under which PPG will separate its commodity chemicals business and then merge it with Georgia Gulf. Splitco is the new company formed by PPG to hold its commodity chemicals business. The Notes are expected to be initially issued by Splitco to PPG as partial consideration for Splitco's acquisition of PPG's commodity chemicals business.
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