AgriBioTech Inc. Consummates a New Revolving Credit Facility.LAS VEGAS--(BUSINESS WIRE)--June 25, 1998--Dr. Johnny R. Thomas, chief executive officer of AgriBioTech Inc. (Nasdaq/NM:ABTX), Thursday announced that the company has consummated 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. The new credit facility provides for up to $100 million of borrowing capacity through June 2001 and replaces the company's existing credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities of the company and its subsidiaries, which aggregated approximately $60 million. Thomas stated that "We are pleased with the vote of confidence we have received from the commercial banking market and this facilitates our options for future capital formation." Funds will be used for working capital and general corporate purposes. The credit facility is secured by substantially all of the assets of the company and its subsidiaries other than fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → . The lender group is composed of Bankamerica Business Credit Inc., as agent, and Deutsche Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Corp., as administrative agent. AgriBioTech is a fully integrated fullservice seed company specializing in the forage and turfgrass seed sector, complete with research and development of proprietary seed varieties, seed processing plants, and a national and international distribution and sales network. The company has completed 24 acquisitions since Jan. 1, 1995 and is the largest forage and cool-season turfgrass seed company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , with a current level of annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of approximately $425 million, including the previously announced pending acquisitions of Willamette Seed Co., Geo. W. Hill & Co. Inc., Fine Lawn Research Inc., Geo. W. Hill of Indiana Inc., J&M Seed Co., and Oseco Inc. The statements discussed in this news release include forward-looking statements that involve a number of risks and uncertainties. These include the company's historical lack of profitability, need to manage its growth, intense competition in the seed industry, seasonality of quarterly results, and other risks detailed from time to time in the company's Securities and Exchange Commission reports.
CONTACT: AgriBioTech Inc., Henderson, Nev.
John C. Francis, 702/566-2440
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