BankAmerica Business Credit Provides $65 Million Credit Facility To LSB Industries, Inc.OKLAHOMA CITY, Okla.--(BUSINESS WIRE)--Dec. 13, 1994-- BankAmerica Business Credit (BABC BABC Bay Area Bicycle Coalition BABC Bliss Alger Business College ) has provided a new $65 million 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 to LSB (Linux Standard Base) A standard interface (ABI) for Linux from the Linux Foundation (www.linux-foundation.org). Introduced in 2001 by the Free Standards Group, which later became the Linux Foundation, applications based on the LSB standard will run properly under Industries, Inc., (NYSE NYSE See: New York Stock Exchange : LSB), according to Charles A. "Chuck" Burtch, executive vice president and manager of BABC's West Division. "The new three-year 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. will be used for working capital and to support near- and long-term strategic marketing and growth objectives of the company," said Jack E. Golsen, chairman of the board of LSB Industries, Inc. The new line -- which provides additional credit to the company and is secured by accounts receivable and inventory -- replaces an existing credit facility that had been extended to LSB by three other financial institutions. "BankAmerica Business Credit demonstrated a high degree of professionalism and spent many hours with us to create a flexible working capital line tailored to our needs. We are excited about what this new facility means for us and are pleased to be working with a financial partner that understands our vision for the future of this company," Golsen added. LSB -- which has its headquarters in Oklahoma City -- is a diversified company engaged in a variety of manufacturing, engineering and marketing activities on a worldwide basis. LSB's principal business activities consist of the manufacture and sale of chemical products for the explosives, agricultural, and industrial markets; the manufacture of commercial and residential air conditioning products; and the manufacture of automotive and industrial products. LSB's common stock is listed for trading on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . BankAmerica Business Credit -- a nationwide commercial finance company headquartered in San Diego -- finances businesses that are engaged in distribution, manufacturing, or retailing. Revolving and term asset-based loans made by Business Credit are secured by receivables, inventory, equipment, and real estate, and typically are used by clients for expanding their businesses; for mergers, acquisitions, and refinancing; or for recapitalizations. BABC provides loans from $5 million to $500 million to middle market and large corporate clients. BankAmerica Business Credit has offices located throughout the United States and is part of BankAmerica Corporation (NYSE: BAC BAC abbr. blood alcohol concentration ), the second largest bank holding company in the United States. CONTACT: Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , San Francisco Jack Houseman, 415/622-5324 |
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