APPLIED POWER COMPLETES REFINANCING.MILWAUKEE--(BUSINESS WIRE)--Aug. 22, 1995--Applied Power Inc. (APW APW All Pro Wrestling APW Altmar Parish Williamstown (School District; Parish, New York) APW Add-Printer Wizard (Microsoft Windows) APW Augmented Plane Wave APW Apparent Polar Wander - NYSE NYSE See: New York Stock Exchange ) has entered into a new revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility which increases the Company's committed borrowing line from $80 million to $120 million and has a term of five years. The facility resulted from the redemption of $64 million of Senior Unsecured Notes on March 30, 1995. The refinancing Refinancing An extension and/or increase in amount of existing debt. provides the Company with worldwide financing flexibility and lower interest rates. In addition, the Company purchased interest rate caps with a notional amount The notional amount (or notional principal amount or notional value) on a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument. This amount generally does not change hands and is thus referred to as notional. of $60 million as protection against possible future interest rate hikes. Applied Power is a world leader in motion and position control applications and a pioneer in the marriage of hydraulic and vibration technologies with electronics. The Company is comprised of three business segments. The Engineered Solutions Group, which includes the Power-Packer, APITECH and Barry Controls businesses, serves the automotive, truck, mobile equipment, marine, medical equipment, defense and aerospace markets. The Distributed Products Group, consisting of Enerpac and GB Electrical, distributes a wide variety of high pressure hydraulic products, electrical tools and consumables worldwide. The Wright Line business provides technical furniture solutions for offices and laboratories. CONTACT: Applied Power Inc., Milwaukee Robert C. Arzbaecher, Vice President & Chief Financial Officer, 414/781-6600 |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion