Consolidated Stainless expands bank credit facility by 50%, at reduced interest rate.LONGWOOD, Fla.--(BUSINESS WIRE)--July 10, 1995--Consolidated Stainless, Inc. (NASDAQ/NMS: "PIPE") today announced the signing of an amendment to its revolving bank credit facility with Sun Bank, N.A., which increased the facility initially to $12 million (with a maximum cap of $14 million) and which matures June 30, 1997. The amended bank line, which carries an initial rate of prime plus 0.375% (or a LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). option, whichever is lower), replaces an $8 million credit facility with Sun Bank, which was scheduled to mature on May 31, 1996 and which carried an interest rate of prime plus 1.5%. The interest rate may be reduced further if certain conditions are met. This amended asset-based facility also provides for greater borrowing capacity relative to specific inventory levels, which should significantly benefit the Company's cash flow requirements. Consolidated's 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. line with Sun Bank may be expanded to a maximum of $14 million, depending upon future growth. "This expanded credit facility will allow the Company to more aggressively pursue its strategic objectives, which include expansion of our manufacturing and distribution capabilities, and the broadening of our line of stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. products," commented Ronald J. Adams
Consolidated Stainless, Inc. manufactures stainless steel pipe and supplies a full line of stainless and nickel alloy pipe, valves and fittings (PVF PVF Polyvinylidene Fluoride PVF Pipe, Valves and Fittings PVF Poly-Vinyl Fluoride PVF Present Value Factor PVf Peso Vivo Final (Portugese) PVF Prepaid Variable Forward (equity trading strategy) ) and related stainless products through its distribution network. The Company's customers include original equipment manufacturers, commercial and industrial end-users and other distributors throughout the United States and Canada. Headquartered in Longwood, Fla. (Orlando area), Consolidated's primary production facility is located in Auburndale, Fla. and it operates six distribution/service centers in Florida (3), California, Georgia and Texas. Common stock in Consolidated Stainless is traded on NASDAQ's National Market System under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "PIPE". CONTACT: Ronald J. Adams President 407/682-4999 or R. Jerry Falkner, CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. Investor Relations Investor relations The process by which the corporation communicates with its investors. Counsel 800/377-9893 |
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