Apogee Enterprises Closes On $125 Million Revolving Credit Facility.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 25, 2002 Apogee Enterprises, Inc. (Nasdaq:APOG APOG Advanced Operational Planning Group APOG Aberdeen Police Officer's Guild ) announced that today it closed on a new $125 million 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. Borrowings under the four-year, committed facility Committed Facility A credit facility whereby terms and conditions are clearly defined by the lending institution and imposed upon the borrowing company. Notes: In committed facilities, the borrowing companies must meet specific requirements set forth by the lending will be available for working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and general corporate purposes, including capital expenditures and to replace borrowings under Apogee's previously existing $125 million secured, revolving credit facility, which was terminated upon closing of the new facility. "In less than three years, we have reduced our outstanding debt by more than $126 million, while improving our debt-to-total-capital ratio to 29 percent. The much improved terms and conditions associated with our new, unsecured facility are indicative of this significantly improved financial condition," said Michael B. Clauer, Apogee executive vice president and chief financial officer. The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. serves as administrative agent of the new facility, with U.S. Bank National Association, 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. and JPMorgan Chase Bank serving as co-syndication and co-documentation agents. BNY BNY Bank of New York Capital Markets, Inc. served as sole lead arranger of the new facility. Additional lenders under the new facility include Comerica Bank, Wells Fargo Bank and National City Bank. Apogee Enterprises, Inc. (www.apog.com), headquartered in Minneapolis, is a world leader in technologies involving the design and development of value-added glass products, services and systems. The company is organized in three segments: -- Architectural products and services companies design, engineer, fabricate and install the walls of glass and windows comprising the outside skin of commercial and institutional buildings. -- Large-scale optical technologies companies develop and produce high technology glass that enhances the visual performance of products for the display, imaging and picture framing industries. -- Automotive replacement glass and services companies fabricate, repair and replace automobile windshields and windows. |
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