Action Performance Companies Inc. Finalizes Credit Facility Agreement.Business Editors PHOENIX--(BUSINESS WIRE)--Oct. 3, 2000 Action Performance Companies Inc. (Nasdaq: ACTN ACTN Action ACTN Acetone ) Tuesday announced that it has closed its previously announced $30 million 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 agreement with Bank One. As previously announced, the credit facility extends to Dec. 31, 2002, provides for credit up to $30 million and is secured principally by accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , inventory and equipment. Interest under the agreement will be either the Bank One Corporate Base Rate plus .50 percent or LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 2.5 percent. "We are pleased to have closed this financing on schedule and to have the financial flexibility that this agreement provides us," said David Martin, Action Performance chief financial officer. Action Performance Companies Inc. is the leader in the design, marketing, promotion and distribution of licensed motorsports merchandise. Its products include a broad range of motorsports-related die-cast car replica collectibles, apparel, souvenirs, and other memorabilia. The company markets and distributes products through a variety of channels, including the Racing Collectables Club of America (RCCA RCCA Root Cause and Corrective Action (to prevent the recurrence of a defect by eliminating its cause) RCCA Rural Community College Alliance RCCA Roller Coaster Corporation of America RCCA Rod Cluster Control Assembly ), online at goracing.com, trackside track·side n. The area near a track, especially a racetrack. at racing events, mass retail department stores, and a worldwide network of wholesale distributors and specialty dealers. This press release contains forward-looking statements regarding Action's agreement with Bank One. The company's actual results could differ materially from those set forth in the forward-looking statements. Factors that might cause such a difference include, among others, competitive pressures, acceptance of the company's products and services in the marketplace, the company's ability to implement successfully its Internet strategy, the company's ability to integrate successfully acquired businesses, and other risks discussed in the company's 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. for 1999, dated Sept. 30, 1999, which is on file with the U.S. Securities and Exchange Commission. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion