Andrew Corporation Closes New $250 Million Revolving Credit Facility.ORLAND PARK Or·land Park A village of northeast Illinois, a residential and manufacturing suburb of Chicago. Population: 53,300. , Ill. -- Andrew Corporation Andrew Corporation is an American multinational producer of communications devices. Andrew is a global designer, manufacturer, and supplier of communications equipment, services, and systems. has closed a new $250 million senior unsecured 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 that is scheduled to mature in September 2010. The company has the option to request an increase in the aggregate commitments by up to $100 million for a total aggregate facility commitment not to exceed $350 million. The new revolving credit facility replaces the previous $170 million revolving credit facility scheduled to expire in December 2005. It is anticipated that funds borrowed under the agreement will complement cash generated from operations and be used for general corporate purposes including working capital, capital expenditures, debt repayment, share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. or other corporate development activities. "The favorable terms we obtained and number of banks participating in the credit facility represent the financial community's confidence in the company," said Ralph Faison, president and chief executive officer, Andrew Corporation. "This credit facility provides added financial flexibility, while reducing the potential cost of any borrowings as the company opportunistically pursues its long-term growth strategies." Banc of America Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Citigroup Global Markets Inc. served as Joint Lead Arrangers and Book Managers for the credit facility, with Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A. as Administrative Agent and Citicorp North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Inc. as Syndication Agent. Fifth Third Bank, Harris Trust and Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , U.S. Bank National Association and Wells Fargo Bank, N.A. served as Co-Documentation Agents. A total of 14 banks participated in the new credit facility. About Andrew Corporation Andrew Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ANDW) designs, manufactures, and delivers innovative and essential equipment and solutions for the global communications infrastructure market. The company serves operators and original equipment manufacturers from facilities in 35 countries. Andrew (www.andrew.com), headquartered in Orland Park, IL, is an S&P 500 company founded in 1937. Forward Looking Statements Some of the statements in this news release are forward looking statements and we caution our stockholders and others that these statements involve certain risks and uncertainties. Factors that may cause actual results to differ from expected results include fluctuations in commodity costs, the company's ability to integrate acquisitions and to realize the anticipated synergies and cost savings, the effects of competitive products and pricing, economic and political conditions that may impact customers' ability to fund purchases of our products and services, the company's ability to achieve the cost savings anticipated from cost reduction programs, fluctuations in foreign currency exchange rates, the timing of cash payments and receipts, end use demands for wireless communication services, the loss of one or more significant customers, and other business factors. Investors should also review other risks and uncertainties discussed in company documents filed with the Securities and Exchange Commission. |
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