Better Minerals & Aggregates Company Announces Closing of Cash Tender Offer and Consent Solicitation BERKELEY SPRINGS, W.Va.–(BUSINESS WIRE)–June 14, 2004–Better Minerals & Aggregates Company (BMAC) today announced that its cash tender offer and consent solicitation for any and all of its outstanding 13% Senior Subordinated Notes due 2009 (CUSIP No. 087714 AC 5) has closed and all participating noteholders have received payment. The tender offer and consent solicitation were financed by a $120 million senior secured debt facility arranged, led and underwritten by Silver Point Finance. In addition to funding the purchase of the bonds, the senior secured debt facility funded related fees and expenses and interest due on the bonds. Jefferies & Company, Inc. helped arrange the debt financing and acted as dealer manager and solicitation agent in connection with the tender offer that generated participation of approximately 90% of the noteholders. The Company also renewed a $30 million line of credit with Wachovia Bank to provide ongoing liquidity. John A. Ulizio, President and Chief Executive Officer of BMAC and its operating subsidiary, U.S. Silica Company, said, “This transaction represents the final step in the overall restructuring of our business that started in 2002 with the decision to sell the aggregates business. With reduced debt and lower interest expense, U.S. Silica Company is better positioned going forward in the higher value segment of the industrial minerals industry.” In 2003, BMAC completed the sale of its aggregates business to Hanson Corp. Gary E. Bockrath, Vice President and Chief Financial Officer, said, “We are very pleased with this financially and strategically important transaction. As a result of our successful tender offer, our liquidity improves immediately, providing the business with increased operating flexibility. Throughout the process, Silver Point Finance has been a strong and steady partner whose significant contributions made the transaction possible.” BMAC, through its operating subsidiary U.S. Silica Company, is a leading supplier of high quality silica sand and aplite for the glass, foundry, chemical, recreational and construction industries, and fine ground silica and kaolin clay products for the paint, plastic and ceramic industries. The company employs 760 people at its 15 facilities in the United States. Contacts: Better Minerals & Aggregates CompanyVice President and Chief Financial OfficerGary E. Bockrath, 304-258-2500
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