Global Brass and Copper Holdings, Inc. (NYSE:BRSS) (“GBC” or the “Company”) today announced that its Board of Directors has approved the initiation of a regular quarterly cash dividend to stockholders. The third quarter dividend of $0.0375 per share will be paid on December 6, 2013, to stockholders of record on the close of business on November 19, 2013. This is the first dividend paid to stockholders in the Company’s history as a public company.
“The initiation of a quarterly dividend, shortly after our initial public offering, demonstrates our commitment to enhancing shareholder value and underscores our positive outlook for our future performance,” said John Walker, Global Brass and Copper’s Executive Chairman and CEO.
The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company’s financial condition and results of operations, contractual restrictions, including restrictive covenants contained in the Company’s indenture to its 9.50% senior secured notes and in its credit agreement governing it asset-based lending facility.
About Global Brass and CopperGlobal Brass and Copper Holdings, Inc. through its wholly-owned principal operating subsidiary, Global Brass and Copper, Inc., is a leading, value-added converter, fabricator, distributor and processor of specialized copper and brass products in North America. We engage in metal melting and casting, rolling, drawing, extruding and stamping to fabricate finished and semi-finished alloy products from processed scrap, copper cathode and other refined metals. Our products include a wide range of sheet, strip, foil, rod, tube and fabricated metal component products that we sell under the Olin Brass, Chase Brass and A.J. Oster brand names. Our products are used in a variety of applications across diversified end markets, including the building and housing, munitions, automotive, transportation, coinage, electronics/electrical components, industrial machinery and equipment and general consumer end markets.