Brightpoint Australia Enters into a New Credit Facility with GE Commercial Finance.Business Editors/High-Tech Writers INDIANAPOLIS--(BUSINESS WIRE)--Jan. 7, 2003 Brightpoint, 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 :CELL) announced today that its Australian subsidiaries, Brightpoint Australia Pty Limited and Advanced Portable Technologies Pty Limited entered into a new revolver credit facility (the "Facility") with GE Commercial Finance. The Facility, which matures in December 2005, provides borrowing availability, subject to borrowing base calculations and other limitations of up to a maximum amount of AUD AUD In currencies, this is the abbreviation for the Australian Dollar. 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. 50 million (currently, approximately USD USD In currencies, this is the abbreviation for the U.S. Dollar. 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. 29 million). The Facility is a secured asset-based facility where a borrowing base is calculated periodically using eligible accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and inventory, subject to certain adjustments. Eligible accounts receivable and inventories fluctuate over time, which can increase or decrease borrowing availability. Borrowing availability as of the inception of the Facility was AUD 35 million (approximately USD 20 million). The Facility is subject to certain financial covenants, which include maintaining a minimum fixed charge coverage ratio. Borrowings on the Facility will be used to repay borrowings under an existing credit facility with Westpac Banking Corporation, to repay intercompany loans Intercompany loan Loan made by one unit of a corporation to another unit of the same corporation. with Brightpoint Holdings B.V., the Company's primary foreign finance subsidiary and for general working capital purposes. Brightpoint is one of the world's largest distributors of mobile phones. Brightpoint supports the global wireless telecommunications and data industry, providing quickly deployed, flexible and cost effective third party solutions. Brightpoint's innovative services include distribution, channel management, fulfillment, eBusiness solutions and other outsourced services that integrate seamlessly with its customers. Additional information about Brightpoint can be found on its website at www.brightpoint.com or by calling its toll-free Information and Investor Relations Investor relations The process by which the corporation communicates with its investors. line at 877-IIR-CELL (877-447-2355). Certain information in this press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding future events or the future performance of Brightpoint. These statements are only predictions and actual events or results may differ materially. Please refer to the documents the Company files, from time to time, with the Securities and Exchange Commission; specifically, Brightpoint's most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , Form 10-Q Form 10-Q See 10-Q. and Exhibits 99, thereto. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in or implied by these forward-looking statements. These risk factors include, without limitation, the ability of the Companies to comply with the terms and conditions of the Facility in order to maintain the Facility or borrow additional amounts under the Facility, including, without limitation, meeting the financial covenants required to borrow under the Facility in certain instances and the Companies' producing sufficient amounts of eligible accounts receivable and inventory. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date these statements were made. Brightpoint undertakes no obligation to update any forward-looking statements contained in this press release. |
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