Constar International, Inc. Finalizes $250 Million Senior Credit Facility.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Nov. 20, 2002 Constar International, 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 : CNST CNST Clinical Negligence Scheme for Trusts (UK) CNST Certified Network Systems Technician ) today announced that it has entered into a senior secured credit facility consisting of a $150 million term loan with a seven-year maturity and a $100 million revolving loan with a five-year maturity. As expected, the proceeds of the term loan were used to repay the Company's debt to Crown Cork The crown cork (also known as a crown cap or just a crown), the first form of bottle cap, was invented by William Painter in 1891 in Baltimore. The company making it was originally called the Bottle Seal Company, it changed its name with the almost immediate success and Seal. Concurrent with the Company's repayment of its debt to Crown, Constar received a release from Crown's lenders of the Company's guarantee of Crown debt. The revolving facility is available for working capital, general corporate purposes and to provide for the issuance of letters of credit. The bank syndicate was led by Citicorp North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Inc. as Administrative Agent. Philadelphia-based Constar Inc. is a leading global producer of PET (polyethylene terephthalate Ter`eph´tha`late n. 1. (Chem.) A salt of terephthalic acid. ) plastic containers for food, soft drinks and water. The Company provides full-service packaging solutions, from product design and engineering to ongoing customer support. Its customers include many of the world's leading branded consumer products companies including PepsiCo, Coca-Cola Enterprises, Inc., The Dr. Pepper Bottling Company of Texas, Unilever Foods North America, Ventura Foods, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , and Energy Brands, Inc. Salomon Smith Barney and Deutsche Bank Securities acted as the joint book running managers of Constar's November 15, 2002 initial public offering and note offering and JPMorgan acted as co-manager. Copies of the written prospectuses relating to the offerings may be obtained from Salomon Smith Barney, Brooklyn Army Terminal The Brooklyn Army Terminal consists of large complex of piers, docks, warehouses, cranes, railroad sidings and cargo loading equipment. The terminal was responsible for shipment of army equipment and personnel overseas. , 140 58th Street, Brooklyn, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 11220 or Deutsche Bank Securities, 3921 Vero Road, Suite J, Catonsville, Maryland 21227. Cautionary Note Regarding Forward-Looking Statements Except for historical information, all other information in this press release consists of forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve a number of risks, uncertainties and other factors, which may cause the actual results to be materially different from those expressed or implied in the forward-looking statements. These risks, uncertainties and other factors include, among other things, continued conversion from metal, glass and other materials for packaging to plastic packaging; increasing demand for packaging requiring our proprietary technologies and know-how; our ability to protect our existing technologies and to develop new technologies; the terms upon which we acquire resin and our ability to reflect those terms in our sales; our debt levels and our ability to obtain financing and service debt; and the other risks described in our filings with the Securities and Exchange Commission. We do not intend to review or revise any particular forward-looking statement in light of future events. |
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