Buckeye Will Not Sell Additional Equity.Business Editors MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--Aug. 20, 2002 Buckeye Technologies Inc. (NYSE NYSE See: New York Stock Exchange :BKI BKI Babbar Khalsa International BKI Kota Kinabalu, Sabah, Malaysia - Kota Kinabalu (Airport Code) BKI Bible Knowledge Institute BKI Brasil Kaffe Import (Danish Coffee Importer) ) today announced that its bank group has waived the requirement that the Company sell additional equity. The banks also agreed to Buckeye's immediate prepayment of the $22 million note due on October 1, 2002 to UPM-Kymmene, thereby reducing the Company's interest expense for the July-September quarter. There were no other changes to the $215 million credit facility agreement. Robert E. Cannon, Buckeye Chairman, commented, "We appreciate the bank group's prompt approval of our request. As we reported in our August 7 conference call, we have ample liquidity, with cash and credit availability totaling $79 million at June 30. Our cash and credit availability has modestly improved since that time." Mr. Cannon went on to say, "We expect our financial results to progressively improve as the year unfolds. We are committed to substantially reducing our leverage during this fiscal year. We have no intention of issuing any new equity or debt securities in the foreseeable future." Buckeye, a leading manufacturer and marketer of specialty cellulose and absorbent absorbent /ab·sor·bent/ (-sor´bent) 1. able to take in, or suck up and incorporate. 2. a tissue structure involved in absorption. 3. a substance that absorbs or promotes absorption. products, is headquartered in Memphis, Tennessee For the ancient Egyptian capital, see . Memphis is a city in the southwest corner of Tennessee, and the county seat of Shelby County. Memphis rises above the Mississippi River on the 4th Chickasaw Bluff just below the mouth of the Wolf River. , USA. The Company currently operates facilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Germany, Canada, Ireland and Brazil. Its products are sold worldwide to makers of consumer and industrial goods industrial goods npl → bienes mpl de producción . Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting the Company's operations, financing, markets, products, services and prices, and other factors. For further information on factors, which could impact the Company and the statements contained herein, please refer to public filings with the Securities and Exchange Commission. |
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