HARRISBURG, Pa., June 28, 2001 (PRIMEZONE) -- Worldwide industrial services and products company Harsco Corporation (NYSE:HSC) said today it is expanding its European-based commercial paper program to better serve the short-term financing needs of the company's growing European operations.
The 250 million euro program (approximately $215 million) is being established in London through the offices of the Royal Bank of Scotland plc and Citibank International plc. The program is expected to lower Harsco's cost of borrowing and will replace existing sources of credit. It will be used primarily to finance the company's ongoing working capital needs, particularly in the United Kingdom. Harsco said the program has been assigned an A-2 rating by Standard & Poor's and a P-2 rating from Moody's Investors Service, consistent with the ratings assigned to Harsco's U.S.-based commercial paper program.
Harsco's European operations are led by its SGB scaffolding and access services business and its Heckett MultiServ mill services business, both market leaders in their respective sectors. This year, Harsco expects its European-based operations to account for more than 30 percent of total revenues.
Harsco Corporation provides market-leading industrial services and products to the worldwide infrastructure development, steel, railway transportation, gas and energy markets. The company employs more than 20,000 people in 40 countries of operation, and recorded 2000 revenues of $2 billion. Additional information about Harsco can be found at www.harsco.com.