Danka Announces Agreement With Bank Steering Committee on Principal Terms of New Senior Credit Facility.Business Editors ST. PETERSBURG, Fla.--(BUSINESS WIRE)--June 8, 2001 Danka Business Systems PLC (Nasdaq:DANKY) today announced that it has reached an agreement with the Steering Committee steer·ing committee n. A committee that sets agendas and schedules of business, as for a legislative body or other assemblage. steering committee Noun of its existing consortium of banks on the principal terms of a new Credit Facility which will consist of revolver revolver: see small arms. revolver Pistol with a revolving cylinder that provides multishot action. Some early versions, known as pepperboxes, had several barrels, but as early as the 17th century pistols were being made with a revolving chamber to , term loan and letter of credit commitments. The Credit Facility is subject to approval by 100% of the Company's existing banks, finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of definitive documentation, the completion of the sale of Danka Services International (DSI (Dynamic Systems Initiative) An umbrella term for a suite of Microsoft products that help manage the Windows environment in large enterprises. DSI was introduced in 2003. ), and the tender of the requisite amount of notes under the Company's exchange offer for its outstanding 6.75% convertible subordinated notes due April 1, 2002. The new Credit Facility will mature on the earlier of the third anniversary of its closing or the date which is one day in advance of the maturity of the senior subordinated notes being offered pursuant to the exchange offer, which is expected to be March 31, 2004. Danka's Chief Executive Officer, Lang Lang language LANG Louisiana Army National Guard Lang Langobardian (linguistics) LANG Los Angeles Newspaper Guild Lowrey, commented, "We are pleased that our banks have so strongly endorsed the ongoing restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and operating efforts of the Company. This new facility will provide the necessary financing for the Company's strategic initiatives and will allow Danka to emerge from the difficult credit environment it has been operating under during the past two and a half years. Debt reduction continues to be a principal focus of the Company and we will continue to review all opportunities for additional debt reduction." The full bank group will meet on June 13, 2001 to discuss approval of the Credit Facility and the Company expects that the new Credit Facility will be executed by all parties by the end of June. Certain statements contained in this press release, including statements related to Danka's future business and financial performance, are forward-looking. Such statements reflect the current views of Danka with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those reflected in the forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Readers are cautioned not to place undue reliance on these forward looking statements, which reflect management's analysis only as of the date they are made. |
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