Best Products announces new $300 million credit facility.RICHMOND, Va.--(BUSINESS WIRE)--Feb. 8, 1996--Best Products Co., Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BEST) today announced that it had obtained a new credit facility that will provide the Company with additional flexibility to compete in the current retail environment. The Company's new credit facility is a $300 million secured Revolving Credit Agreement Revolving credit agreement A legal commitment in which a bank promises to lend a customer up to a specified maximum amount during a specified period. revolving credit agreement See line of credit. 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. (CIT). The CIT Credit Facility replaces a $150 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 with a syndicate of banks for which Bankers Trust The Bankers Trust is a historic American banking organisation that was acquired by Deutsche Bank in 1998. It was originally set up when banks could not perform trust company services. Company served as agent. The proceeds available under the CIT Credit Facility may be used for working capital and general corporate purposes. All advances made pursuant to the CIT Credit Facility will be collaterally secured by the Company's previously unencumbered assets and properties. In a separate statement, the Company also announced the initiation of a search process to identify a new chief executive officer. Stewart M. Kasen, who currently serves as Chairman, President and Chief Executive Officer of the Company, has agreed, at the request of the Board of Directors, to continue to serve in his current positions with the Company and to assist in a search to identify his successor. Mr. Donald D Donald D is a rapper originally from North Carolina. In New York, he started his career as a rapper, as part of The B-Boys, working with Afrika Islam and Grandmaster Flash. . Bennett, a Director, said: "Stewart has guided the Company through a very challenging period. He has earned the appreciation and respect of the Board and the Company's stockholders. We appreciate his agreement to stay on and work with us during this transition." Mr. Kasen has served as Chief Executive Officer and President of the Company since June 1991 and was elected Chairman in January 1994. Mr. Kasen served as Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. from October 1989 through June 1991. Best Products, a specialty retailer offering category-dominant assortments of jewelry and home products, operates 175 Best stores in 22 states. The Company also operates 11 Best Jewelry stores and a nationwide mail-order service. CONTACT: Best Products, Richmond W. Edward Clingman, 804/261-2035 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion