Acterna Corporation Receives Approval From Its Lender Group for Amendment to Its Senior Secured Credit Facility.Business Editors/Hi-Tech Writers Acterna Corporation (Nasdaq:ACTR ACTR American Council of Teachers of Russian ACTR Actuator ACTR Association for Canadian Theatre Research ACTR A Christmas To Remember ACTR Assistant Contract Technical Representative (NMCI liaison) ) announced today that it has reached agreement with the lender group of its senior secured credit facility for an amendment to its credit agreement. Under the amendment, the lenders, among other things, will approve the sale of Acterna's Airshow business to Rockwell Collins Rockwell Collins, Inc. (NYSE: COL) is a large United States-based international company headquartered in Cedar Rapids, Iowa, primarily providing aviation and information technology systems, solutions, and services to governmental agencies and aircraft manufacturers. and consent to a change to certain financial covenants in the credit agreement upon consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the Airshow sale. Acterna's agreement with its lender group will also permit the Company to use $24 million to purchase a portion of Acterna LLC's 9.75 percent Senior Subordinated Notes due 2008 pursuant to tender offers announced on June 24, 2002. "We are pleased with the support from our banks," said John Ratliff, chief financial officer of Acterna Corporation. "This amendment clears the way for the company to proceed with the tender offer for the bonds and the revised financial covenants provide additional financial flexibility as the company works through difficult industry conditions." The effectiveness of the amendment is subject to a number of conditions, including approval by the administrative agent for the lenders under the Credit Agreement of arrangements governing a proposed investment by CD&R Barbados (a Barbados company the capital stock of which is owned by Clayton, Dubilier & Rice Fund VI Limited Partnership, an affiliate of Acterna) of all future cash interest received, on an after tax basis, on all of the Senior Subordinated Notes held by CD&R Barbados in new senior secured convertible notes of Acterna LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and satisfaction of customary closing conditions. About Acterna Corporation Based in Germantown, Maryland, Acterna Corporation is the holding company for Acterna, Airshow, da Vinci da Vinci Surgery A surgical robot for performing certain surgeries–eg, mitral valve repair and laparoscopic procedures–eg, cholecystectomy and gastric ulcer repair. See Laparoscopic surgery, Robotics, Surgical robot. Systems and Itronix. Acterna is the world's second largest communications test and management company. The company offers instruments, systems, software and services used by service providers, equipment manufacturers and enterprise users to test and optimize performance of their optical transport, access, cable, data/IP and wireless networks and services. Airshow supplies in-flight passenger information systems to the aviation industry while da Vinci Systems designs and markets video color correction Altering the colors in an image in order to print or display it properly or for special effects. Depending on the application, color correction can be a significant problem if the resulting image must be approved or a purchase is made because of color choice. systems to the video postproduction post·pro·duc·tion n. A final stage in the production of a film or a television program, occurring after the action has been filmed or videotaped and typically involving editing and the addition of soundtracks. industry. Itronix sells ruggedized computing devices for field service applications to a range of industries. Additional information on Acterna is available at http://www.acterna.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect Acterna's current judgment on certain issues. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially. Important factors that could cause actual results to differ materially are described in Acterna's reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q on file with the Securities and Exchange Commission. |
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