Artesyn Technologies, Inc. Raises $200 Million Under New Multi-Currency Credit Facility; Company Enacts Revised Shareholder Rights Plan.

BOCA RATON, Fla.--(BUSINESS WIRE)--Dec. 22, 1998--Artesyn Technologies, Inc. (Nasdaq NM:ATSN) today announced that it has received funding under a new three-year, multi-currency $200 million credit facility which was arranged and syndicated by ABN AMRO Bank N.V., as administrative agent, and First Union National Bank, as syndication agent. Bank of America is the co-agent.

Richard Thompson, Chief Financial Officer, commenting on the financing, stated, "The new funding facility enhances the Company's already solid financial position and provides the financial strength to continue our aggressive growth strategies in the communications market. The new credit agreement reflects our improved financial position by providing an attractive and flexible source of capital for Artesyn Technologies."

The new multi-currency revolving facility will bear interest at the London Interbank Offering Rate (LIBOR) plus 0.625% versus LIBOR plus 0.75% under the previous agreement. The funds are to be used for general corporate purposes, including the repayment of the existing $46 million term loans.

Hartmut Liebel, Corporate Treasurer, commenting on the new banking group, stated, "We are very pleased to have raised a significant amount of capital at greatly improved terms. We are particularly excited about the expanded group of first-tier domestic and international financial partners and look forward to bringing the full range of financial services to bear for the rapid growth of Artesyn Technologies."

Revised Shareholder Rights Plan Enacted

As previously announced, the common stock purchase rights plan adopted by the Company in November 1988, which recently expired, has been amended and continued. The Board of Directors of Artesyn Technologies, Inc. has declared a dividend distribution of one preferred share purchase right on each outstanding share of common stock to replace the common stock purchase rights distributed to stockholders in November 1988.

The new rights are designed to assure that all of the Company's stockholders receive fair and equal treatment in the event of any proposed takeover of the Company and to guard against partial tender offers, squeeze-outs, open market accumulations and other abusive tactics to gain control of the Company, without paying all stockholders a control premium.

The new rights will be exercisable only if a person or group acquires 20% or more of the Company's common stock or announces a tender offer the consummation of which would result in ownership by a person or group of 30% or more of the common stock.

The new rights are not being issued in response to any specific efforts to acquire control of the company. They are intended to enable the Company's stockholders to realize the long-term value of their investment in the Company. The dividend distribution will be made as of December 22, 1998, payable to stockholders of record on that date. The new rights will expire on December 22, 2008. The rights distribution is not taxable to stockholders.

Artesyn Technologies, Inc., headquartered in Boca Raton, Fla., is a leading provider of power conversion equipment, real-time systems and logistics management for the communications industry. For more information about Artesyn Technologies and its products, please visit the Company's web site at http://www.artesyn.com.

This release may contain certain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by the Company with the SEC, specifically the most recent reports on Form S-4, Form 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including, but not limited to, integration of operations and technology, failure to achieve beneficial synergies, variances between actual and estimated costs and expenses related to the merger, market acceptance of existing and new products of the combined company, the potential for fluctuations in operating results, and the volatility of the trading price of the Company's stock.