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Georgia Gulf Reduces Term Debt by $71.5 Million

January 14, 2008
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Georgia Gulf Corporation announced recently that its term debt was reduced by $71.5 million during the fourth quarter of 2007. Approximately $24.7 million of the term debt repayment was enabled through proceeds from a sale-leaseback transaction involving real property located in Canada, with the remainder of the repayment driven by working capital reduction initiatives and an income tax refund.

Georgia Gulf currently has over $250 million of availability in its revolving credit facility. “We successfully met our working capital reduction and divestiture goals in the fourth quarter, which helped Georgia Gulf’s liquidity position,” Ed Schmitt, Chairman, President and CEO of Georgia Gulf, said in a press release.

Georgia Gulf expects to report consolidated financial results for the fourth quarter of 2007 in mid-February 2008. The Company declined to provide further commentary on its fourth quarter results at this time.
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