Amcast signs $50 million ten-year credit agreement.DAYTON, Ohio--(BUSINESS WIRE)--Nov. 8, 1995--Amcast Industrial Corporation (NYSE NYSE See: New York Stock Exchange - AIZ AIZ Lake of the Ozarks, Missouri (Lee C. Fine Memorial Airport) AIZ Air Intercept Zone AIZ Anti Imperialistische Zelle(n) (German: Anti-Imperialistic Cell; now defunct terrorist group) ) today announced that the company has entered into a new $50 million, ten-year credit agreement with two institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , Principal Mutual Life Insurance Company, Des Moines, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, , and Northwestern Mutual Life Insurance Company, Milwaukee, Wisconsin For other places with the same name, see Milwaukee (disambiguation). Milwaukee is the largest city within the state of Wisconsin and 25th largest (by population) in the United States. . The notes will carry an interest rate of 7.09% and will have an average term of eight and one half years. The proceeds of the notes will be used to retire existing bank debt, fund Amcast's capital expenditures for expansion, as well as other general corporate and business purposes. John H. Shuey, president and chief executive officer, commented, ``We are very pleased with the support of Amcast shown by Principal Mutual and Northwestern Mutual in arranging this financing. The new debt facility will provide Amcast with long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. funds at an attractive interest rate and on terms that will support our corporate strategies. In addition, this facility will permit us to repay our existing bank debt and provide increased flexibility for the company.'' Amcast Industrial Corporation is a leading manufacturer of technology-intensive metal products. Its two business segments are brand name FLOW CONTROL PRODUCTS marketed through national distribution channels, and ENGINEERED COMPONENTS for original equipment manufacturers. The company serves four major sectors of the economy: construction, automotive, industrial, and aerospace. CONTACT: Amcast Industrial Corp., Dayton Media Contact: Phyllis Naylor, 513/291-7011 Investor Contact: Michael Higgins, 513/291-7015 |
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