Cunningham Graphics International Expands Credit Facility to $60 Million.JERSEY CITY, N.J.--(BUSINESS WIRE)--August 3, 1999-- Cunningham Graphics 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 NM: CGII CGII Canadian Government Information on the Internet CGII Capital Group International, Inc. ) today announced it has completed a new, expanded term loan and 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 in the amount of $60 million with a syndicate of four major financial institutions. The syndicate led by Summit Bank includes the Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. and the National Bank of Canada This article is about a commercial bank. For Canada's central bank, see Bank of Canada. National Bank of Canada (Banque Nationale du Canada) TSX: NA is the sixth largest bank in Canada, and so is one of the Big Six banks. . The funds from the financing will be used for acquisitions, working capital and to repay existing indebtedness. "We are very pleased to have completed this credit facility and to have such a strong bank group supporting Cunningham Graphics International," commented Michael Cunningham, Chairman and Chief Executive Officer. "This expanded credit facility provides us with better financing terms and more flexibility as we continue to execute our strategy of pursuing outsourced opportunities, strategic acquisitions, and aggressive organic growth within the graphic communication industry." Cunningham Graphics International provides time-sensitive graphic communications services and outsourcing solutions to a blue chip client base. The Company currently operates in select international markets through its facilities in the United States, the United Kingdom, Hong Kong, Singapore and Canada. Graphic communication services provided by the company include, digital communications, document management, offset and digital printing, data output, bindery A NetWare file used for security and accounting in the early NetWare 2.x and 3.x versions. The bindery pertained only to the server it resided in and contained the names and passwords of users authorized to log in to that server. , fulfillment and mailing services. This press release may contain forward-looking statements, which involve known and unknown risks, uncertainties or other factors that could cause actual results to materially differ from the results, performance or other expectations implied by these forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, continued demand for its services, the availability of raw materials, the impact of competitive services and pricing, risks in technology development, changing economic conditions and other risk factors detailed in the Company's filings with the Securities and Exchange Commission. |
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