Applied Magnetics concludes credit agreement with The CIT Group Business Credit Inc.GOLETA, Calif.--(BUSINESS WIRE)--Jan. 17, 1995--Applied Magnetics Corp. (NYSE NYSE See: New York Stock Exchange :APM (Advanced Power Management) A programming interface (API) from Intel and Microsoft for battery-powered computers that lets programs communicate power requirements to slow down and speed up components. See ACPI. APM - Advanced Power Management ) Tuesday announced that it has concluded a credit agreement with The CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group/Business Credit Inc. to provide up to $35 million in additional financing to the company. The credit facility is secured by the company's 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 and certain other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . The amount available for borrowing is based on certain formula provisions in the credit agreement. Craig D. Crisman, president and chief executive officer, stated, ``This facility is an important part of Applied Magnetics' turnaround strategy and should enhance the company's ability to implement its plans for the development and increased production of its current and advanced disk-head products.'' The company also announced that it has retired a $10 million debt obligation owed to Conner Peripherals Inc. Applied Magnetics, with headquarters in Goleta, is a leading independent supplier of magnetic recording disk heads for the worldwide data-storage segment of the computer industry. CONTACT: Applied Magnetics Corp., Goleta Craig D. Crisman, 805/683-5353 |
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