Ballantyne of Omaha Amends Credit Facility With Wells Fargo Bank Nebraska.Business Editors OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb.--(BUSINESS WIRE)--March 15, 2001 Ballantyne of Omaha, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BTNE), a leading manufacturer of motion picture projection and specialty lighting equipment, announced today that it has amended its $9.5 million credit facility with Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank Nebraska, N.A. to provide for continued borrowing under the facility up to the lesser of $7.5 million or such amounts as determined by an asset-based lending Asset-Based Lending A business loan secured by collateral (assets). The loan, or line of credit, is secured by inventory, accounts receivable and/or other balance-sheet assets. Also known as "commercial finance" or "asset-based financing". formula. The Company has approximately $7.0 million outstanding under the 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 as of March 14, 2001. The maximum amount available under the asset-based lending formula was approximately $7.7 million as of March 9, 2001. The amendment is due to expire April 30, 2001. The Company is continuing to explore options to secure a long-term lending relationship, including continued negotiations with Wells Fargo Bank Nebraska, as well as separate discussions with other lending institutions. However, there can be no assurance the Company or Wells Fargo Bank Nebraska will agree to such terms, or that the Company will enter into a new credit facility with an outside lender. Ballantyne of Omaha is a leading U.S. supplier of commercial motion picture projection equipment utilized by major theater chains and of specialty projection equipment used by location-based entertainment providers such as The Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co., Universal Studios and others. Ballantyne also manufactures, rents and leases specialty entertainment lighting products used at top arenas, television and motion picture production studios, theme parks and architectural sites around the world. |
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