Bogen Communications International, Inc. Secures $27 Million Revolver Facility; $20 Million sub-limit for Acquisition Financing with Highly Favorable Terms.RAMSEY, N.J.--(BUSINESS WIRE)--April 22, 1998--Bogen Communications International, Inc. (AMEX AMEX See: American Stock Exchange :BGN BGN In currencies, this is the abbreviation for the Bulgarian Lev. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) ("Bogen") today announced that it has received a $27 million credit facility from Key Bank National Association, a subsidiary of KeyCorp (NYSE NYSE See: New York Stock Exchange :KEY), the 14th largest bank-based financial services company in the U.S. ("Key Bank"). This facility includes a $20 million revolver for acquisition financing and a $7 million revolver for working capital. The interest rate under the new revolving line is at Prime, or at Bogen's option, LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 125 to 200 basis points, based on certain criteria. Additionally, the new credit line has a three-year term versus the two-year term of Bogen's former banking agreement. Jonathan Guss, Chief Executive Officer, stated, "This credit facility lets us seek new acquisitions with pre-arranged financing in place, and allows us to finance our on-going capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. at lower interest rates than our prior banking arrangement. Furthermore, the facility is structured in a way that will allow Key Bank to syndicate the loan should Bogen's capital needs increase due to acquisitions beyond those contemplated in the initial facility. This is another important step forward in implementing our growth strategy". Bogen Communications International, Inc., based in Ramsey, New Jersey Ramsey is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 14,351. Ramsey was incorporated as a borough by an Act of the New Jersey Legislature on March 10, 1908, from portions of Hohokus Township (now and in Munich, Germany, develops, manufactures, and markets telecommunications peripherals and sound processing equipment. Bogen's products are sold to commercial, industrial, professional and institutional customers worldwide. Bogen(R) is a registered trademark of Bogen Communications, Inc. (c) 1998 All Rights Reserved, Bogen Communications, Inc Except for historical information contained herein, the statements made in this release constitute forward-looking statements that involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward looking statements. This includes potential acquisitions and divestitures, and other risks detailed from time to time in Bogen's reports on file at the Securities and Exchange Commission, including Bogen's Form 10-K for the fiscal year ended December 31, 1997. CONTACT: Bogen Communications International Inc., Ramsey Yoav M. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , 201/934-8500 ext. 1261 |
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