NEW ORLEANS, Nov. 4, 2010 (GLOBE NEWSWIRE) -- Westway Group, Inc. ("Westway" or the "Company") (Nasdaq:WWAY) today announced that the Company and its bank syndicate amended certain financial covenants in the existing $175 million credit facility to provide financial capacity for planned expansions and possible future acquisitions. In conjunction with the amendment, the Company also exercised the "accordion" feature of the credit facility, with the unanimous consent of the banks committing additional funds, increasing the total lender commitment under the facility by $25 million, to a total of $200 million. The facility is being provided by a nine-bank syndicate led by JPMorgan Chase Bank, N.A. and was arranged by JPMorgan Securities LLC. In addition to JPMorgan Chase Bank, N.A., the syndicate consists of Regions Bank, Capital One, N.A., Compass Bank, Rabobank Nederland, Suntrust Bank, Whitney National Bank, Societe Generale, and CoBank ACB.
Jim Jenkins, CEO, stated, "We are pleased with the high level of interest and willingness to commit significant funding to Westway by our syndicate of quality banks. The credit provided by this facility signifies the completion of another important step in our strategy to grow the Company and the Westway brand into the future."
Additionally, the Company plans to announce its results for its third quarter ended September 30, 2010 before the market opens on Tuesday, November 9, 2010. The Company has scheduled a conference call following this earnings release on Wednesday, November 10, 2010, at 10:30 a.m., Central Time, 11:30 a.m., Eastern Time. During the call, the Company's Chief Executive Officer, James Jenkins, and Chief Financial Officer, Thomas Masilla, will discuss Westway's financial results. Financial information referenced during the conference call will be posted to the "Investor Relations" section of the Company's website, http://www.westway.com.To participate in the conference call, dial (877) 312-9404 or (408) 774-4004 (international) and provide conference identification code 17823186. The Company intends to have a playback available for seven days following the conference call, which may be accessed by calling (706) 645-9291 or (800) 642-1687 and providing conference identification code 17823186. Thereafter, a playback will be available on the Company's website at http://www.westway.com for three months following the conference call. About Westway Group, Inc. Westway Group, Inc. ("Westway") is a leading provider of bulk liquid storage and related value-added services and a leading manufacturer and distributor of liquid animal feed supplements. Westway operates an extensive global network of 25 operating facilities providing approximately 350 million gallons of total bulk liquid storage shell capacity and 37 facilities producing approximately 1.5 million tons of liquid feed supplements annually. Our bulk liquid storage business is a global business with infrastructure that includes a network of terminals offering storage to manufacturers and consumers of agricultural and industrial liquids, located at key port and terminal locations throughout North America and in Western Europe and Asia. Our liquid feed supplements business produces liquid animal feed supplements that are sold directly to end users and feed manufacturers, primarily supplying the beef and dairy livestock industries. The Westway Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7654
CONTACT: Westway Group, Inc. Thomas A. Masilla, Jr., Chief Financial Officer +1-504-636-4245