By Sabela Ojea
Shares of Sotera Well being Co. on Monday rose about 5% in after-hours buying and selling after the lab testing providers firm mentioned it might improve its debt financing within the first quarter of the yr to additional improve its liquidity place
In after-hours buying and selling, shares have been up 5% to $9.07.
Sotera Well being’s elevated debt financing is predicted for use towards the enchantment of a $363 million verdict in opposition to the corporate relating to cancer-causing emissions from a plant in Illinois, it mentioned.
Within the final quarter of 2022, the corporate already borrowed $200 million amid litigation wants below its current secured revolving credit score facility, it added.
The corporate reiterated its 2022 steerage of between $995 million and $1.01 billion. The corporate will report its fourth quarter and full-year outcomes Feb. 28.
“Regardless of a difficult macroeconomic setting, the workforce did job specializing in our core values to ship these outcomes,” Chief Government Michael B. Petras mentioned.
Write to Sabela Ojea at firstname.lastname@example.org; @sabelaojeaguix