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Brush Engineered Materials Inc. Comments on Significant Events and Updates Outlook.

Publication: Business Wire
Publication Date: 07-DEC-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
CLEVELAND -- Brush Engineered Materials Inc. (NYSE:BW) today announced the prepayment of its subordinated debt, commented on the reversal of a portion of its deferred tax asset valuation allowance and updated its outlook for the fourth quarter.

Subordinated debt Prepayment

The Company announced that on December 5, 2005 it prepaid $30 million of subordinated debt. As a result the Company will incur a cash prepayment expense of $1.7 million and record a non-cash charge of approximately $2.2 million for previously unamortized deferred financing fees related to the subordinated debt. Both are pretax items and will be recorded in the fourth quarter.

The prepayment of the subordinated debt will significantly reduce interest expense in future periods thus improving both cash flow...

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