Arrow Automotive Industries Refinancing Announced.FRAMINGHAM, Mass.--(BUSINESS WIRE)--Oct. 8, 1997--Arrow Automotive Industries Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :AI) announced today the successful refinancing Refinancing An extension and/or increase in amount of existing debt. of its existing credit arrangements. The refinancing was structured by Arrow's current primary lender, BankBoston, N.A., who was joined in the transaction by Norwest Business Credit Inc. The new agreements will provide the company with a revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. of $20 million plus a $7.5 million term note under an agreement maturing on July 31, 2000. Arrow's president, Jim L. Osment, stated that "The refinancing will provide the company with additional working capital at more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. interest rates as compared with current terms and allow Arrow to move forward with its goals for growth and profitability." Arrow, with headquarters in Framingham, Mass., is one of the nation's largest remanufacturers of precision replacement parts for domestic and import passenger cars, light and heavy trucks, farm vehicles and off-road industrial and construction equipment. Arrow operates remanufacturing and distribution facilities in Spartanburg, S.C. and Morrilton, Ark., as well as distribution warehouses in Canada. -0- Arrow's shares are traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (Symbol AI). CONTACT: Arrow Automotive Industries Jim Fagan or Kathaleen Carroll-Coelho 508/872-3711 |
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