Cray Inc. Refinances Credit Facility and Retires Debt; Financing Completes Series of Measures to Strengthen and Simplify Company's Capital Structure.Business Editors/High-Tech Writers SEATTLE--(BUSINESS WIRE)--April 21, 2003 Cray (Cray, Inc., Seattle, WA, www.cray.com) A supercomputer manufacturer founded in 1972 as Cray Research, Inc., by Seymour Cray, a leading designer of large-scale computers at Control Data. In 1976, it shipped its first computer to Los Alamos National Laboratory. Inc. (Nasdaq:CRAY) today announced it has successfully completed a financing arrangement with Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank to provide for a $25 million, one-year adj. 1. completing its life cycle within a year. Adj. 1. one-year - completing its life cycle within a year; "a border of annual flowering plants" annual phytology, botany - the branch of biology that studies plants 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. facility. The new credit facility replaces the company's previous financing arrangement with Foothill Capital Corporation. Additionally, the company reported it has paid down the entire remaining balance of a term loan with Foothill Capital of approximately $3.2 million. With the repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of the term loan, Cray has retired all of its outstanding bank debt. "Last year, we put an aggressive plan in place to re-capitalize the company and strengthen the balance sheet to support Cray's growth objectives and overall strategy," commented Scott Poteracki, Cray's chief financial officer. "I am pleased to say we have been successful in executing all of our near term and long term financing objectives, including retirement of our convertible debt at the end of December December: see month. 2002 and our recent stock offering that raised approximately $49 million. While we have no current plans to use this facility, we now have the added liquidity and flexibility to compete even more effectively in the supercomputing industry," said Poteracki. About Cray Inc. Cray's mission is to be the premier provider of supercomputing solutions for customers' most challenging technical problems. Go to www.cray.com for more information about the company. Cray is a registered trademark, and Cray X1 is a trademark, of Cray Inc. All other trademarks are the property of their respective owners. |
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